CH 9 - TAX Flashcards
1
Q
What is stamp duty?
A
Tax payable upon UK share trades
2
Q
What is stamp duty land tax?
A
Tax payable upon for the purchase of land and property.
3
Q
What is an innovative finance ISA?
A
Peer-to-peer lending account
4
Q
What is a LISA?
A
Lifetime ISA - cash, stocks.
5
Q
What is the yearly ISA subscription limit?
A
£20,000, can only be one ISA per tax year.
6
Q
What is the difference between residency and domicile?
A
Domicile is considered the permanent home, whereas residency is for tax purposes.