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[edit]Varieties
Belgium, droits de succession orsuccessierechten (Inheritance tax). Collected at the federal level but distributed to the regional level. Bermuda: stamp duty Czech Republic: da ddick(Inheritance tax) Finland: perintvero (Finnish) orarvskatt (Swedish) (Inheritance tax) France: droits de succession(Inheritance tax) Germany: Erbschaftssteuer(Inheritance tax) Ireland: Inheritance tax (Cin Oidhreachta)
Italy: tassa di successione (Inheritance tax). Abolished in 2001.,[2] and reestablished in 2006. 1,000,000 exemption on a bequest to a spouse or child, and a maximum rate of 8%.[3][4] The Netherlands: Successierecht(Inheritance tax) Norway: arveavgift (inheritance and gift tax). Smaller bequests are exempt. Bequests larger than a certain value are taxed from 6% to 15%, depending on the status of the beneficiary and the size of the taxable amount. SeeTaxation in Norway.
Switzerland has no national inheritance tax. Some cantons impose estate taxes or inheritance taxes. United Kingdom: see Inheritance Tax (United Kingdom) (actually an estate tax) United States: see Estate tax in the United States
Some jurisdictions formerly had estate or inheritance taxes, but have abolished them:
Austria abolished the Erbschaftssteuer in 2008. This tax had some of the features of the gift tax, which was abolished at the same time.[6] Canada: abolished inheritance tax in 1972. Hong Kong: abolished estate duty in 2006 for all deaths occurring on or after 11 February 2006. (See Estate Duty Ordinance Cap.111) India: had an estate tax from 1953 to 1985.[7]
Israel: abolished inheritance tax in 1981. Louisiana: abolished inheritance tax in 2008, for deaths occurring on or after 1 July 2004.[8] New Hampshire: abolished state inheritance tax in 2003; abolished surcharge on Federal estate tax in 2005.[9] New Zealand abolished estate duty in 1992. Russia abolished inheritance tax in 2006. Singapore: abolished estate tax in 2008, for deaths occurring on or after 15 February 2008.[10][11] Sweden: abolished inheritance tax in 2005.[12] Utah: abolished inheritance tax in 2005.[13]
Some states of the United States impose inheritance or estate taxes (see Inheritance tax at the state level): Indiana: The spouse of a decedent is 100% exempt from paying inheritance tax. Parents, children,grandparents,grandchildren,and other lineal ancestors and lineal descendants of the decedent,as of July 1, 2012, are exempt from taxation on the first $250,000 of inheritance. Tax is on a sliding scale that starts at 1% to 10% of the net inheritance of each individual. More information may be obtained by referring to IH-6, Indiana's inheritance tax instructions.
Iowa: Inheritance is exempt if passed to a surviving spouse, parents, or grandparents, or to children, grandchildren,or other "lineal" descendants. Other recipients are subject to inheritance tax, with rates varying depending on the relationship of the recipient to the deceased.[14]
Kentucky: The inheritance tax is a tax on a beneficiary's right to receive property from a decedent's estate. It is imposed as a percentage of the amount transferred to the beneficiary. Transfers to "Class A" relatives (spouses, parents, children, grandchildren, and siblings) are exempt. Transfers to "Class B" relatives (nieces, nephews, daughters-in-law, sons-in-law, aunts, uncles, and great-grandchildren) are taxable. Transfers to "Class C" recipients (all other persons) are taxable at a higher rate.[15] Kentucky imposes an estate tax in addition to its inheritance tax.[15]
Pennsylvania: Inheritance tax is a flat tax on the value of the decedent's taxable estate as of the date of death, less allowable funeral and administrative expenses and debts of the decedent. Pennsylvania does not allow the six month after date of death alternate valuation method that is available at the federal level. Transfers to spouses exempt. Transfers to grandparents, parents, or lineal descendants are taxed at 4.5%. Transfers to siblings are taxed at 12%. Transfers to any other persons are taxed at 15%. Some assets are exempted, including life insurance proceeds. The inheritance tax is imposed on both residents and nonresidents who owned real estate and tangible personal property in Pennsylvania at the time of their death. The Pennsylvania Inheritance Tax Return (Form Rev-1500) must be filed within nine (9) months of the date of death.[16]
Tennessee:[17]
[edit]Other
In some jurisdictions, when assets are transferred by inheritance, any unrealized increase in the value of those assets is subject to capital gains tax, payable immediately. This applies in Canada, which has no inheritance tax. (see Taxation in Canada) Where a jurisdiction has both capital gains tax and inheritance tax, it is usual to exempt inheritances from capital gains tax. In some jurisdictions death gives rise to the local equivalent of gift tax (see Austria, for example). This was the model in the United Kingdom during the period before the introduction of Inheritance Tax in 1986, where estates were charged to a form of gift tax called Capital Transfer Tax. Where a jurisdiction has both gift tax and inheritance tax, it is usual to exempt inheritances
from gift tax. Also, it is common for inheritance taxes to share some features of gift taxes, by taxing some transfers which happen during the lifetime of the giver rather than on death. The United Kingdom, for example, subjects "lifetime chargeable transfers" (usually gifts to trusts) to inheritance tax.
[edit]Historical
[edit]Ancient
Rome
No inheritance tax is recorded for the Roman Republic, despite abundant evidence fortestamentary law, but one was levied by Rome's first emperor, Augustus, in the last decade of his reign.[18] The 5 percent tax applied only to inheritances received through a will, and close relatives were exempt from paying it, including the deceased's grandparents, parents, children, grandchildren, and siblings.[19] The question of whether a spouse was exempt is complicated: from the late Republic on, husbands and wives kept their own property scrupulously separate, since a Roman woman remained part of her birth family and not under the legal control of her husband.[20] Roman social values regarding marital devotion probably exempted a spouse as well.[21] Estates below a certain value were also exempt from the tax, according to one source,[22] but other evidence indicates that this was true only in the early years of Trajan's reign.[23] The revenues from the tax went into a fund to pay military retirement benefits (aerarium militare), along with those from a new sales tax(vicesima).[24] The inheritance tax is extensively documented in sources pertaining toRoman law, inscriptions, and papyri.[25] It was one of three major indirect taxes levied on Roman citizens in the provinces of the Empire.[26]
transfer
The United States had a tax on sales or transfers of stock from 1914 to 1966. This was instituted in The Revenue Act of 1914 (Act of Oct. 22, 1914 (ch. 331, 38 Stat. 745)), in the amount of 0.2% (20 basis points, bips). This was doubled to 0.4% (40 bips) in 1932, in the context of the Great Depression, then eliminated in 1966.
1.
^ O'Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 368. ISBN 0-13-063085-3.
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1 Tax systems 1.1 Argentina 1.2 Australia 1.3 Austria 1.4 Barbados 1.5 Belgium 1.6 Belize 1.7 Brazil 1.8 Bulgaria 1.9 Canada 1.10 Cayman Islands 1.11 China 1.12 Czech Republic 1.13 Denmark 1.14 Ecuador 1.15 Egypt 1.16 Estonia 1.17 Finland 1.18 France
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1.19 Germany 1.20 Hong Kong 1.21 Hungary 1.22 Iceland 1.23 India 1.24 Iran, Islamic Republic of 1.25 Ireland, Republic of 1.26 Isle of Man 1.27 Israel 1.28 Italy 1.29 Jamaica 1.30 Japan 1.31 Kenya 1.32 Latvia 1.33 Lithuania 1.34 Malaysia 1.35 Mexico 1.36 Moldova 1.37 Netherlands 1.38 New Zealand 1.39 Norway 1.40 The Philippines 1.41 Poland 1.42 Portugal 1.43 Romania 1.44 Russia 1.45 Singapore 1.46 South Africa 1.47 South Korea 1.48 Spain 1.49 Sri Lanka 1.50 Sweden 1.51 Switzerland 1.52 Thailand 1.53 Turkey 1.54 United Kingdom 1.54.1 Basics 1.54.2 Corporate notes 1.54.3 Background to changes to 18% rate 1.54.4 Historical (useful if looking at years prior to April 2008) 1.55 United States 2 Deferring or reducing capital gains tax 3 References
4 External links
Canada
Currently 50.00% of realized capital gains are taxed in Canada at an individual's tax rate. Some exceptions apply, such as selling one's primary residence which may be exempt from taxation.[2] Capital gains made by investments in a Tax-Free Savings Account (TFSA) are not taxed. For example, if your capital gains (profit) is $100, you are only taxed on $50 at your marginal tax rate. That is, if you were in the top tax bracket, you would be taxed at approximately 43%. A formula for this example using the top tax bracket would be as follows: Capital gain x 50.00% x marginal tax rate = capital gain tax = $100 x 50.00% x 43% = $50 x 43% = $21.50 In this example your capital gains tax on $100 is $21.50, leaving you with $78.50. The formula is the same for capital losses and these can be carried forward indefinitely to offset future years' capital gains; capital losses not used in the current year can also be carried back to the previous three tax years to offset capital gains tax paid in those years. For corporations as for individuals, only 50% of realized capital gains are taxable. The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates. If more than 50% of a small business's income is derived from specified investment business activities (which include income from capital gains) they are not permitted to claim the small business deduction. Capital gains earned on income in a Registered Retirement Savings Plan are not taxed at the time the gain is realized (i.e. when the holder sells a stock that has appreciated inside of their RRSP) but they are taxed when the funds are withdrawn from the registered plan (usually after converting to a registered income fund.) These gains are then taxed at the individual's full marginal rate. Capital gains earned on income in a TFSA are not taxed at the time the gain is realized. Any money withdrawn from a TFSA, including capital gains, are also not taxed. Unrealized capital gains are not taxed.
United Kingdom
[edit]Basics
Individuals who are residents or ordinarily residents in the United Kingdom (and trustees of various trusts) are subject to an 18% capital gains tax. For people paying more than the basic rate of income tax, this increased to 28% from midnight on June 23, 2010. There are exceptions such as for principal private residences, holdings in ISAs or gilts. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT. Entrepreneurs' Relief allows a lower rate of CGT (10%) to be paid by people who have been involved for a year with a company and have a 5% or more shareholding. Every individual has an annual capital gains tax allowance: gains below the allowance are exempt from tax, and capital losses can be set against capital gains in other holdings before taxation. All individuals are exempt from tax up to a specified amount of capital gains per year. For the 2011/12 tax year this "annual exemption" is 10,600.[21] [edit]Corporate notes Companies are subject to corporation tax on their "chargeable gains" (the amounts of which are calculated along the lines of capital gains tax). Companies cannot claim taper relief, but can claim an indexation allowance to offset the effect of inflation. A corporate substantial shareholdings exemption was introduced on 1 April 2002 for holdings of 10% or more of the shares in another
company (30% or more for shares held by a life assurance company's long-term insurance fund). This is effectively a form of UK participation exemption. Almost all of the corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis. The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are contained in the Taxation of Chargeable Gains Act 1992. [edit]Background to changes to 18% rate In the Chancellor's October 2007 Autumn Statement, draft proposals were announced that would change the applicable rates of CGT as of 6 April 2008. Under these proposals, an individual's annual exemption will continue but taper relief will cease and a single rate of capital gains tax at 18% will be applied to chargeable gains. This new single rate would replace the individual's marginal (Income Tax) rate of tax for CGT purposes. The changes were introduced, at least in part, because the UK government felt that private equity firms were making excessive profits by benefiting from overly generous taper relief on business assets[citation needed]. The changes were criticised by a number of groups including theFederation of Small Businesses, who claimed that the new rules would increase the CGT liability of small businesses and discourage entrepreneurship in the UK.[22] At the time of the proposals there was concern that the changes would lead to a bulk selling of assets just before the start of the 2008-09 tax year to benefit from existing taper relief. Capital Gains Tax will rise to 28% with effect from 00:00 on 23 June 2010. [edit]Historical (useful if looking at years prior to April 2008) Individuals paid capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2007/8) but from 6 April 1998 were able to claim a taper reliefwhich reduces the amount of a gain that is subject to capital gains tax (reducing the effective rate of tax), depending on whether the asset is a "business asset" or a "non-business asset" and the length of the period of ownership. Taper relief provided up to a 75% reduction (leaving 25% taxable) in taxable gains for business assets, and 40% (leaving 60% taxable), for non-business assets, for an individual.[23] Taper relief replaces indexation allowance for individuals, which can still be claimed for assets held prior to 6 April 1998 from the date of purchase until that date, but was itself abolished on 5 April 2008. [edit]United
States
Main article: Capital gains tax in the United States In the United States, with certain exceptions, individuals and corporations pay income taxon the net total of all their capital gains. Short-term capital gains are taxed at a higher rate: the ordinary income tax rate. The tax rate for individuals on "long-term capital gains", which are gains on assets that have been held for over one year before being sold, is lower than the ordinary income tax rate, and in some tax brackets there is no tax due on such gains. The tax rate on long-term gains was reduced in 1997 via the Taxpayer Relief Act of 1997from 28% to 20% and again in 2003, via the Jobs and Growth Tax Relief Reconciliation Act of 2003, from 20% to 15% (for individuals, whose highest tax bracket is 15% or more), or from 10% to 5% for individuals in the lowest two income tax brackets (whose highest tax bracket is less than 15%) (See progressive tax). The reduced 15% tax rate on eligible dividends and capital gains, previously scheduled to expire in 2008, was extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act signed into law by President Bush on May 17, 2006, which also reduced the 5% rate to 0%.[24] Toward the end of 2010, President Obama signed a law extending the reduced rate on eligible dividends until the end of 2012. The law allows for individuals to defer capital gains taxes with tax planning strategies such as the structured sale (ensured installment sale), charitable trust (CRT), installment sale,private annuity trust, and a 1031 exchange. The United States, unlike many other countries, taxes its citizens (with some exceptions [25]) on their worldwide income no matter where in the world they reside. U.S. citizens therefore find it difficult to take advantage of personaltax havens. Although there are some offshore bank accounts that advertise as tax havens, U.S. law requires reporting of income from those accounts, and willful failure to do so constitutes tax evasion. [edit]Deferring
Capital gains tax can be deferred or reduced if a seller utilizes the proper sales method and/or deferral technique. There are many such sales techniques and methods, each of which has its benefits and drawbacks. See some ways to defer and/or reduce capital gains tax below. (US Only) - Tax Loss Harvesting - Realized tax losses can carry forward forever and can be applied to offset capital gains months or years in the future. Discretionary Overlay managers have developed new trading methodologies that have evolved tax
loss harvesting into a year-round strategy, as opposed to year-end, which is standard to most financial advisors, and is paramount in reducing the capital gains tax burden on affluent investors.[26] Charitable trust - Defer and reduce capital gains by giving equity to a charity. Installment Sale - Defer capital gains by taking payments from a buyer over a period of years. No protection from buyer default. (US only) Deferred Sales Trust- Allows the seller of property to defer capital gains tax due at the time of sale over a period of time. (US only) 1031 exchange - Defer tax by exchanging for "like kind" propertyhowever, generally available only for real estate and tangible property, both of which must be business-related. Pay capital gains when they are realized (i.e. when subsequently sold). (US only) Roth IRA - Transactions inside an account (including capital gains, dividends, and interest) do not incur a current tax liability. (US only) Structured sale annuity (aka Ensured Installment Sale) - Defer and reduce capital gains tax while gaining safety and a stream of guaranteed income. (US only) Self Directed Installment Sale (SDIS) Allows for the deferral of capital gains taxes while removing the risks from buyer default under a traditional installment sale. (US only) (historical) Private annuity trust - No longer a valid tax deferral tool. (Canada only) - Utilize a Tax-Free Savings Account
by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.[1]
Contents
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o o o o o o
1 Property taxes by jurisdiction 1.1 Australia 1.2 Canada 1.3 Chile 1.4 Denmark 1.5 Greece 1.6 Hong Kong
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2 See also 1.7 Jamaica 1.8 India
3 References
[edit]Property
taxes by jurisdiction
Property tax rates, assessment rules, and valuations vary widely by jurisdiction.
[edit]Australia
Australia has property taxes known as property or land rates. Land rates and frequency of payment are determined by local councils. Each council has land valuers who value the land's worth. The land's worth is the value of the land only; it does not include existing dwellings on the property. The assessed value of the land determines the total charges of rates. Rates can range from $100 per quarter to $, but frequency varies by locality. Australian property owners also pay water rates. Some councils include this in the total of the rates notice and provide a breakdown of water and land charges. Other councils may charge this separately. Depending on the municipality, water rates can be either a flat fee, user pay or a combination of both. Prospective buyers can get details about land and water rates from the local council before purchase. Australia also has stamp duty, applied at the time a property is sold, by the purchaser to the Office of State Revenue. In addition to stamp duty there is also a Land Transfer Charge under the NSW State Revenue Legislation Amendment Bill 2010 (1 July 2010). The Charge will be levied as an ad valorem tax to be paid by the purchaser, for property above $500,000 in value, and is payable at the time a transfer document is lodged for registration with Land & Property Information (LPI). Stamp duty rates are applied on a sliding scale of 1% to 6.75% based on the value of property and the state of Australia.
[edit]Canada
Many provinces in Canada levy property tax on real estate based upon the current use and value of the land. This is the major source of revenue for most municipal governments in Canada. While property tax levels vary among municipalities in a province there is usually common property assessment or valuation criteria laid out in provincial legislation. There is a trend to use a market value standard for valuation purposes in most provinces with varying revaluation cycles. A number of provinces have established an annual reassessment cycle where market activity warrants while others have longer periods between valuation periods.
Calculating Individual Property Taxes In Ontario, for most properties (e.g., residential, farms), the property taxes can be calculated by multiplying the phased-in assessment indicated on the Property Assessment Notice by the tax rate. Municipal tax rate x phased-in assessment for the particular taxation year = municipal portion of tax county/regional tax rate x phased-in assessment for the particular taxation year =county/regional portion of tax education tax rate x phased-in assessment for the particular taxation year = education portion of tax municipal portion of tax + county/regional portion of tax + education portion of tax =Total Property Tax In some cases (e.g., commercial, industrial, multi-residential properties), the Province or municipality may implement measures that affect the actual taxes paid on a property.
United States
Main article: Property tax in the United States In the United States, property tax on real estate is usually levied by local government, at the municipal or county level. Rates vary across the states, between about 0.2% and 4% of the home value.[7] The assessment is made up of two componentsthe improvement or building value, and the land or site value. In some states, personal property is also taxed. The property tax is the main tax supporting local education, police/fire protection, local governments, some free medical services, and most of other local infrastructure. Also, many U.S. state and local jurisdictions impose personal property taxes.
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7. 8.
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Sinh vin lm vic ti M cng phi tun theo quy nh v vic ng thu thu nhp, thu ny c hon tr cho sinh vin khi hon tt chng trnh v v nc ng hn. Thng thng sinh vin s phi ng 2 loi thu sau y:
Thu thu nhp Lin bang (Federal income taxes) Thu thu nhp ca bang (State income taxes)