estate duty

Definition a tax paid on the property left by a dead person. Definition

Charge assessed on a property's fair market value (less liabilities) and payable after the owner's death. One of the main objective of estate planning is minimization of estate taxes. Also called estate duty.

An estate tax is levied on assets inherited by the heirs to a deceased person's estate. How It Works/Example: The estate tax is applied differently according to U.S. Federal and state laws as well as international law. Typically, estate taxes are only levied once a certain threshold, known as the exclusion limit, has been reached. Estate taxes are not applicable if a person bequeaths (transfers) the assets from the estate to a living spouse. This type of transfer is known as the unlimited marital deduction. However, in the event that the spouse dies, the beneficiaries may be required to pay estate taxes if the exclusion limit is exceeded. -----------------------------------------------------------------------------------------A gift tax is a federal tax on anything of value that one person gives to another. How It Works/Example: Let's say Jane Smith gives her son John $25,000 because John is going through a tough time and just lost his job. Because the money is a gift from Jane to John and is more than the $14,000 federal limit for tax-free gifts from an individual (the threshold is therefore for gifts of money or property owned by more than one person), Jane must pay a gift tax on the portion of the $25,000 gift that exceeds that limit. Gifts to a spouse or a political organization are usually not subject to the gift tax (they may be taxable, for example, if the spouse is not a U.S. citizen). Additionally, if a person pays college tuition or medical bills directly, the gift tax also does not apply. -----------------------------------------------------------------------------------------

Stamp duty is a tax that is levied on documents. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions. A physical stamp (a revenue stamp) had to be attached to or impressed upon the document to denote that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp.

a tax on legal documents such as those used, e.g., for the sale or purchase of shares or the conveyance of a property to a new owner

a tax on legal documents, publications, etc, the payment of which is certified by the attaching or impressing of official stamps
------------------------------------------------------------------------------------------------------------Registration: the act of registering or state of being registered

The action or process of registering or of being registered. A certificate that attests to the registering of (a person, automobile, etc.).
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