What's the difference between loophole and looplight?

Loophole

Definition:

(n.) A small opening, as in the walls of fortification, or in the bulkhead of a ship, through which small arms or other weapons may be discharged at an enemy.
(n.) A hole or aperture that gives a passage, or the means of escape or evasion.

Example Sentences:

(1) And this has opened up a loophole for businesses to be morally bankrupt, ignoring the obligations to its workforce because no legal conduct has been established.” Whatever the outcome of the pending lawsuits, it’s unlikely that just one model will work for everybody.
(2) "If there is some kind of contrived scheme or vehicle, ie it's obvious that the purpose of the scheme is to avoid paying VAT and it's taking advantage of a loophole and we consider that tax is actually owed on the scheme, rather than just being a case of sensible tax planning … we can make the judgment that this is not legitimate tax planning.
(3) We need to stop making excuses for them: But it is up to the state to close the loopholes Yes, the state must work continually to tighten and simplify the tax regime, which is a deliberate mess keeping an entire industry of accounting firms and tax lawyers fed.
(4) Above all, Addis could help close tax loopholes that allow multinational companies to report profits in tax havens – rather than where their workforces, assets or sales are.
(5) The emails appear to show Heritage Oil’s attempt to use a tax loophole to avoid a huge capital gains tax bill.
(6) Chris Tailby, director of the HMRC anti-avoidance group from 2004-09, wrote: "Savings from closing tax avoidance loopholes are likely to produce rather less than Nick Clegg's Liberal Democrats suggest.
(7) The Double Irish loophole allows US companies, mostly in the technology and pharmaceutical sectors, to reduce their effective tax bill far below Ireland’s already generous 12.5% corporate tax rate by shifting most of their taxable income from an operating company in Ireland to another Irish-registered firm located in an offshore tax haven, such as Bermuda.
(8) It is time to care about the NHS so that doctors, nurses, care workers, midwives are able to spend proper time with us – and not to be rushed off their feet.” However, the Tories said the plan to raise £2.5bn contained an £850m black hole since two of Labour’s loophole measures would raise no revenue.
(9) "It would be catastrophic for the world not to close these loopholes.
(10) People who only watch BBC shows on catchup will be legally required to have a TV licence from 1 September, when new legislation to close the so-called “iPlayer loophole” comes into force .
(11) We brought in more than £1bn from the first year of applying accelerated payments to avoidance cases and have closed many loopholes and secured tough new enforcement powers.” • This article was amended on 4 November 2015 to add a statement from HMRC which was received after publication.
(12) Carney went further, saying that Obama was also considering support for the closure of a loophole that allows easy sale at gun shows.
(13) And let’s close the loopholes that lead to inequality by allowing the top one percent to avoid paying taxes on their accumulated wealth.
(14) The overview confirms prior reports that the White House would ask for cuts to Social Security and Medicare while closing tax loopholes for top earners.
(15) Nearly 50 MPs have already signed a parliamentary early day motion in support of closing the planning loopholes .
(16) A number of human rights groups immediately pointed to what they said were serious loopholes, however, and the EHRC began judicial review hearings.
(17) For the next 24 hours, media attention switched away from Labour’s clampdown on tax loopholes and towards Fallon’s outburst.
(18) The current TPA bill comes with a big loophole: if Congress feels the TPP doesn’t meet its expectations, it can revoke the TPA and try to change the terms of the trade agreement.
(19) Wisconsin allowed representative Paul Ryan a similar loophole in 2012, as has Delaware for vice-president Joe Biden, precedents that Paul alluded to: “This idea did not originate with me, or even in this current cycle.” Paul made his ambitions plain as he pleaded to be made an exception.
(20) Athens delayed a payment to the IMF earlier this month, saying it would take advantage of a technical loophole, allowing it to “bundle” three tranches into a single €1.6bn payment.