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capital transfer tax

Line breaks: cap|ital trans|fer tax
(abbreviation: CTT)

Definition of capital transfer tax in English:

noun

[mass noun]
(In the UK) a tax levied on the transfer of capital by gift or bequest (replaced in 1986 by inheritance tax): gifts to charities were exempted from capital transfer tax
More example sentences
  • On 5 April 1983 Mr Taylor wrote to Mr Hitch outlining possible solutions to the problems regarding development land tax, capital gains tax, capital transfer tax and income tax.
  • His first urgent measure, he has promised, will be to wipe away Italy's death duties and capital transfer tax.
  • The official announcement of the proposed replacement of estate duty by capital transfer tax, with partially retrospective effect, had a chilling effect on tax planning at that time.

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