CH 9 - TAX Flashcards

1
Q

What is stamp duty?

A

Tax payable upon UK share trades

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2
Q

What is stamp duty land tax?

A

Tax payable upon for the purchase of land and property.

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3
Q

What is an innovative finance ISA?

A

Peer-to-peer lending account

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4
Q

What is a LISA?

A

Lifetime ISA - cash, stocks.

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5
Q

What is the yearly ISA subscription limit?

A

£20,000, can only be one ISA per tax year.

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6
Q

What is the difference between residency and domicile?

A

Domicile is considered the permanent home, whereas residency is for tax purposes.

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