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Encyclopedia > Transfer tax

A transfer tax is a direct tax that is paid when title to property is transferred. Transfer taxes are usually limited to forms of property where there is some legal requirement for registration of the transfer, such as real estate, shares or bonds. Examples include forms of stamp duty, property transfer tax, and levies for the formal registration of a transfer. In some jurisdictions, transfers of certain forms of property require confirmation by a notary: the notary's fees can be considered a form of transfer tax, although they are not payable to a governmental tax authority. A direct tax is one which is collected directly by government from the persons (legal or natural) on which it is levied. ... (In the context of property law, title refers to ownership or documents of ownership; see title (property). ... This page deals with property as ownership rights. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... The word share can refer to: A share of a stock or other security such as a mutual fund. ... Dutch East India Company bond, issued in 1623. ... Stamp duty is a form of tax that is levied on documents. ... Notary can refer to either of the following two professions: Notary public. ...


Transfer taxes should be distinguised from other taxes that are paid when capital is transferred from one person to another, such as inheritance tax, capital transfer tax or estate tax. A tax is an involuntary fee paid by individuals or businesses to a government. ... In politics a capital (also called capital city or political capital — although the latter phrase has an alternative meaning based on an alternative meaning of capital) is the principal city or town associated with its government. ... Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax levied upon the bequest that a person may make in their will to a living person or organisation. ... Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax levied upon the bequest that a person may make in their will to a living person or organisation. ...


  Results from FactBites:
 
Transfer tax - Wikipedia, the free encyclopedia (204 words)
In a narrow legal sense, a transfer tax is essentially a transaction fee (often relatively small in relation to the value of property) imposed on the transfer of title to property.
This kind of tax may be imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate, shares, or bonds.
Examples of such taxes include some forms of stamp duty, property transfer tax, and levies for the formal registration of a transfer.
Glossary of Frequently Used Terms - T (1442 words)
In the case of sales taxes, the tax base is the value of items that are subject to tax; basic groceries, for example, are not part of the tax base of the goods and services tax.
Tax expenditures are foregone tax revenues, due to special exemptions, deductions, rate reductions, rebates, credits and deferrals that reduce the amount of tax that would otherwise be payable.
Tax transfers represent a growing source of revenue for provinces since they increase in value over time with growth in the economy.
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