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Tax exempt sector |
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Tax exempt sectorThe municipal bond market where state and local governments raise funds. Bonds issued in this sector are exempt from federal income taxes.Tax exempt sector Similar MatchesTax exempt securityTax exempt securityAn obligation whose interest is tax-exempt, often called a municipal bond, offered by a country, state, town, or any political district. Annual exemptionAnnual exemptionEach taxpaying individual in the UK is entitled to an annual exemption of £7,900 on capital gains for the current tax year. This means that they can make this level of gains (on for instance share sales) without paying capital gains tax.For exemptions relating to inheritance tax, see 'inheritance tax'. Tax exempt money market fundTax exempt money market fundA money market fund that invests in short-term tax-exempt municipal securities. Tax Exempt Special Savings AccountTax Exempt Special Savings AccountA five year tax free savings scheme for people aged 18 and over, introduced by the government in January 1991 and operated by banks and building societies, but terminated in 1999.The maximum amount which could be paid into such schemes over the five year life of the TESSA was £9,000 according to the following schedule:1st year, £3,0002nd year, £1,8003rd year, £1,8004th year, £1,8005th year £600TESSAs were discontinued on 5th April 1999 although those taken out before then are allowed to run their full five year term. If you own a TESSA, you can do three things with it when it matures:You can withdraw the interest and capital free of tax, and either spend it or invest it elsewhere.You can move the capital into a 'Matured TESSA Account'. The interest earned in the account after the maturity date will be taxable.You can move the capital (but not the income) into an ISA account where it can continue to grow tax free. It can either be paid into a special Tessa-only ISA account (a TOISA) or it can be paid into a cash only mini ISA. The move has to be made within 6 months of the maturity of the TESSA. Triple tax exemptTriple tax exemptMunicipal bonds featuring federal, state, and local tax-free interest payments. Further SuggestionsSmall issues exemptionShort exempt Personal exemption Tax exempt bond Exempt securities Short term tax exempts Industrial Tax Exemption Tax exempt income Exemption exemption Tax exempt income fund personal exemption potentially exempt transfer |
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