In a legal context, “depreciate” refers to the decline in value of an asset over time due to factors such as wear and tear, obsolescence, or market conditions. Depreciation is a recognised concept in accounting and taxation, where it allows businesses and individuals to spread out the cost of an asset over its useful life for tax and financial reporting purposes. However, in some legal contexts, “depreciate” can also refer to the intentional reduction of value or reputation through actions such as defamation or deliberate harm to property.
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This glossary post was last updated: 29th March 2024.
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