exempt interest
For the purposes of stamp duty land tax, any security interest; any licence to use or occupy land; a tenancy at will, advowson (a perpetual right of presentation to an ecclesiastical living), franchise or lordship of the manor (section 48(2), Finance Act 2003).
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • Exempt-Interest Dividend — A distribution from a mutual fund that is not subject to income tax. Exempt interest dividends are often associated with mutual funds that invest in municipal bonds. While exempt interest dividends are not subject to federal income tax, they may… …   Investment dictionary

  • Tax-Exempt Interest — Interest income that is exempt from federal income tax. Although it is not directly taxed, this income may still be required to determine other tax calculations such as Social Security benefits. For example, municipal bonds are exempt from… …   Investment dictionary

  • Interest on Lawyer Trust Accounts — (IOLTA) is a type of program in which interest earned from money held in a lawyer trust accounts is aggregated and required to paid to another state agency, subsidizing legal services for those who cannot afford them.HistoryThe practice is that a …   Wikipedia

  • exempt — ex|empt1 [ıgˈzempt] adj [Date: 1300 1400; : Latin; Origin: exemptus, past participle of eximere; EXAMPLE] not affected by something, or not having to do it or pay it exempt from ▪ The interest is exempt from income tax . ▪ Children are exempt… …   Dictionary of contemporary English

  • exempt — 1 verb (T) to give someone special permission not to do something that they would normally have to do: a special clause exempting children | exempt sb from: Marty s bad health exempts him from military service. 2 adjective having special… …   Longman dictionary of contemporary English

  • exempt income — Income that is not subject to state and/or federal taxation. Certain income may be exempt from federal but not from state taxation, and vice versa (e.g., tax exempt bond interest) …   Black's law dictionary

  • exempt income — Income that is not subject to state and/or federal taxation. Certain income may be exempt from federal but not from state taxation, and vice versa (e.g., tax exempt bond interest) …   Black's law dictionary

  • exempt gilts — In the UK, government gilt edged security that pay interest gross, unlike ordinary gilts, on which tax is deducted from interest payments. These gilts are of particular interest to foreign buyers and others, such as institutions, who do not pay… …   Big dictionary of business and management

  • tax-exempt income — Income that is specifically made exempt from taxation by Congress, such as certain Social Security benefits, tax exempt interest, welfare benefits, nontaxable life insurance proceeds, and nontaxable pension income. Category: Back Taxes & Tax Debt …   Law dictionary

  • chargeable interest — For the purposes of stamp duty land tax, an estate, interest, right or power in or over land in the UK; or the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power other than an… …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”