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Stamp duty – is a consumption tax. It is the oldest tax in Portugal established in 1660. Stamp duty is levied on several contracts, documents, papers in Portugal and charged by a fixed amount or by the application of a fee to the value of the act or contract. [3] [4] [5] [6]
Before the creation of the position of Postmaster General, control of the post was in the hands of "Master of the King's Post". In 1660, at The Restoration, Henry Bishop paid £21,500 per year to farm the Post Office [2] for a term of seven years. This was more than double the previous payment. [3]
The Budget in 2017 abolished stamp duty for first-time home buyers in England and Wales purchasing homes up to £300,000, saving first-time buyers up to £5,000. Additionally, first-time buyers spending up to £500,000 will only pay stamp duty at 5% on the amount in excess of £300,000. Those spending over £500,000 will pay full stamp duty. [17]
Parliament Act 1660 (c.1) [3] An Act for putting in execution an Ordinance mentioned in this Act; An Act for the Continuance of Processe and Judiciall Proceedings; Tunnage and Poundage Act (c.4), with schedule of very high customs duties, which remained largely unchanged until the 18th century. [4] Continuation of Excise Tax until 20 August 1660
An Act for repealing an Act, made in the Twenty-second Year of His present Majesty, intituled, "An Act for charging a Stamp Duty upon Inland Bills of Exchange, Promissory Notes, or other Notes payable otherwise than upon Demand;" and for granting new Stamp Duties on Bills of Exchange, Promissory and other Notes, and also Stamp Duties on Receipts.
Licence duty often remained payable even if duty on the product itself had been repealed. In addition, licence duty was payable by or for (among others): [3] [13] [18] Appraisers (1865-1949); previously subject to stamp duty (since 1806) Armorial bearings (1869-1945); previously an assessed tax (since 1798) Auctioneers (1777-1949)
The system was re-enacted and broadened with the Restoration by the Navigation Act 1660, [3] and further developed and tightened by the Navigation Acts of 1663, 1673, and 1696. [4] Upon this basis during the 18th century, the Acts were modified by subsequent amendments, changes, and the addition of enforcement mechanisms and staff.
A separate Board of Stamps was created by the Stamps Act 1694.During the 18th and early 19th centuries at various times (as financial strains on the economy demanded, and Parliament allowed) stamp duties were extended above a certain threshold of sale value to cover newspapers, pamphlets, lottery tickets, apprentices' indentures, advertisements, playing cards, dice, hats, gloves, patent ...