|
|
Duty-free |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Duty-freeWithout tariff, usually applied to imports on which normally a tariff would be charged, but that for some reason are exempt. Travelers, for example, may be permitted to import a certain amount duty-free.Similar MatchesStamp dutyStamp dutyApplies mainly to international equities. Taxes on foreign transactions, usually a percentage of total transaction amount, that can be unilateral or bilateral in nature. Countervailing dutyCountervailing dutyA tariff levied against imports that are subsidized by the exporting country's government, designed to offset (countervail) the effect of the subsidy. Estate dutyEstate dutyA former tax on a deceased person's estate and the forerunner of capital transfer tax which itself has been superseded by inheritance tax. Anti-dumping dutyAnti-dumping dutyTariff levied on dumped imports. The threat of an anti-dumping duty can deter imports, even when it has not been used, and anti-dumping is therefore a form of nontariff barrier. Stamp dutyStamp dutyA tax imposed on the buying of shares and property. As far as shares are concerned, the tax is collected by brokers on behalf of their clients, and appears on the contract note which they send out to clients when they buy shares.Currently, stamp duty on share purchases applies at the rate of 0.5%. Note that it only applies to purchases and not to sales. Private investor groups and brokers are lobbying for the abolition of stamp duty. They note that there is no stamp duty in the USA which makes it cheaper to trade there and that, in an international market of online trading, UK brokers could lose out to American-based brokers.Stamp duty on property purchases applies on a sliding scale according to the purchase price. For property over £60,000 it is 1%, over £250,000 it is 3%, and over £500,000 it is 4%.In November 2001, the government raised the first band to £150,000 for 2,000 deprived areas in the UK in a bid to encourage investment. Further SuggestionsDutyDelivered Duty Paid (DDP) Duty Customs duty excise duty Delivered Duty Unpaid (DDU) Duty drawback Account Ad Valorem Duty |
|
|
|