Capital Transfer Tax
An inheritance tax levied in the United Kingdom on estates exceeding a certain value. The Capital Transfer Tax replaced the general estate duty in 1975, and was itself replaced by the Inheritance Tax (IHT) in 1986. The amount of tax was derived from the value of the deceased's assets transfered within a certain time of the death (both real estate and personal), less charitable gifts.
Capital transfer taxes and other inheritance taxes make up a small portion of taxes collected in the United Kingdom. This is partially due to the nil rate band, which is the range of estate values that are excluded from the tax, as well as the various methods for avoiding its payment. Gifting an estate to charities or family members or creating a trust were two avoidance methods used.
Investment dictionary. Academic. 2012.
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capital transfer tax — UK US noun [S or U] (ABBREVIATION CTT) ► TAX, PROPERTY in the UK, a tax paid on any property, money, and other assets that are given to someone. This tax was replaced by inheritance tax in 1986: »This gift was subject to capital transfer tax … Financial and business terms
capital transfer tax — noun A tax payable on gifts of money or property over a certain value, made either during the lifetime of the giver or after his or her death, replaced in 1986 by inheritance tax • • • Main Entry: ↑capital … Useful english dictionary
capital transfer tax — See inheritance tax. Collins dictionary of law. W. J. Stewart. 2001 … Law dictionary
capital transfer tax — CTT A tax introduced into the UK in 1974 to replace estate duty and to deal with some of the anomalies arising from it. The legislation introduced tax on lifetime transfers of money and assets as well as on the estate on death. In March 1986… … Accounting dictionary
capital transfer tax — CTT A tax introduced into the UK in 1974 to replace estate duty. In 1986 sweeping changes to capital transfer tax were made and the name was changed to inheritance tax … Big dictionary of business and management
capital transfer tax — Fin in the United Kingdom, a tax on the transfer of assets that was replaced in 1986 by inheritance tax … The ultimate business dictionary
capital transfer tax — (Finance) former British tax on inheritance (in 1986 was replace by inheritance tax) … English contemporary dictionary
capital transfer tax — noun (C, U) BrE a tax paid when you receive money, either as a gift or when someone dies see also: inheritance tax … Longman dictionary of contemporary English
capital transfer tax — noun → gift tax … Australian English dictionary
capital transfer tax — /ˌkæpɪt(ə)l trænsfa: ˌtæks/ noun formerly, a tax on gifts or bequests of money or property … Marketing dictionary in english