What is a section 104?
What is a Section 104 agreement? A Section 104 agreement (under the Water Industry Act 1991) is an agreement between a developer and sewerage undertaker for the adoption of sewers serving a development. There are strict regulations in place for obtaining an agreement which can be a minefield for developers.
What is an s102?
Section 102 of the Water Industry Act (1991) allows a developer or an individual to submit an application to a water company asking them to adopt a private operational sewer which is already installed.
How long does a s104 agreement last?
The applicant then remains responsible for the maintenance and repair of the sewers for an agreed period (typically 3 to 12 months), after which a final inspection is undertaken.
What is a sewer adoption agreement?
This is an agreement between the developer and water company that specifies the criteria of adoption. In short, the developer agrees to build the sewers to an agreed standard, and maintain them for a certain amount of time after the development is occupied, usually a few years.
How to do a Section 104?
The easiest way to do a Section 104 application is to choose a drainage contractor who will take care of it as part of their service. They will already know how to produce a compliant plan and the process will be as smooth as possible – saving you time, money and effort.
What is Section 104 sewer adoption?
A Section 104 sewer adoption application must be made before your drainage contractor can begin the construction of a new sewer, so that the local sewerage authority will agree to adopt the newly constructed private sewer (or pumping station) once works have been completed. This means that they will maintain it at their own expense going forwards.
What is Section 102?
Section 102 of the Water Industry Act (1991) allows a developer or an individual to submit an application to a water company asking them to adopt a private operational sewer which is already installed.
What is S104 in sewers?
19th February 2018 by stsadminwp. A S104 (Section 104 of the Water Industry Act (1991)) agreement is a legal agreement between a developer and a water company, where the developer agrees to build sewers to an agreed standard, which the water company will then adopt.
When is the S102 process usually followed?
On a new development, the S102 process is usually followed if the new sewers are installed and become operational before the S104 agreement is signed and the S104 process is no longer applicable. Post navigation. Local authorities explained.
What is the purpose of IRC 104?
IRC Section 104 provides an exclusion from taxable income with respect to lawsuits, settlements and awards. However, the facts and circumstances surrounding each settlement payment must be considered to determine the purpose for which the money was received because not all amounts received from a settlement are exempt from taxes.
What is the tax rule for settlements?
Tax Implications of Settlements and Judgments. The general rule of taxability for amounts received from settlement of lawsuits and other legal remedies is Internal Revenue Code (IRC) Section 61 that states all income is taxable from whatever source derived, unless exempted by another section of the code. IRC Section 104 provides an exclusion ...
Can the IRS override the intent of the parties?
The IRS is reluctant to override the intent of the parties. If the settlement agreement is silent as to whether the damages are taxable, the IRS will look to the intent of the payor to characterize the payments and determine the Form 1099 reporting requirements.
