|
|
Duty |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
DutyTax. That is, an import duty is a tariff.DutyA tax on imports, exports, or consumption goods.Duty Similar MatchesStamp 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. 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dutyA former tax on a deceased person's estate and the forerunner of capital transfer tax which itself has been superseded by inheritance tax. Account Ad Valorem DutyAccount Ad Valorem DutyAn imported merchandise tax expressed as a percentage. Delivered Duty Paid (DDP)Delivered Duty Paid (DDP)Seller must supply the goods at his or her own risk and expense to a named place in the country of importation. The seller is responsible for importation, payment of duty, and on carriage to the location agreed upon with the buyer. Duty drawbackDuty drawbackSee drawback. Further SuggestionsDuty-freeCountervailing duty Customs duty Stamp duty Delivered Duty Unpaid (DDU) excise duty Anti-dumping duty |
|
|
|