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Legal Definitions - legacy duty
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Definition of legacy duty
Legacy duty is a type of tax that is imposed by the government on the property or assets that are inherited by someone after the death of the original owner. It is also known as legacy tax.
For example, if a person inherits a house or a sum of money from their deceased relative, they may have to pay a legacy duty on the value of the property or money they received.
Legacy duty is a form of taxation that is designed to generate public revenue for the government. It is one of the many types of taxes that the government imposes on individuals, entities, transactions, or property to generate revenue.
Other examples of taxes include income tax, sales tax, property tax, and excise tax. These taxes are all designed to generate revenue for the government and are imposed on different types of transactions or property.
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Simple Definition
Legacy duty is a type of tax that the government charges on things that are passed down to someone after a person dies. Taxes are charges that the government collects from people, businesses, or things to get money for public needs. Taxes can be paid in different ways, not just with money. For example, admission tax is a tax that you pay when you go to a special event. Accrued tax is a tax that you owe but haven't paid yet. Accumulated-earnings tax is a penalty tax that a company has to pay if it keeps its profits instead of giving them to shareholders as dividends.
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