Wealth tax charge applies to net wealth above the basic exemption; levy imposed under statutory provision. Charge of wealth tax arises under the statutory charging provision and is levied on net wealth. Liability is computed by subtracting the basic exemption ... Summary
Wealth tax charge applies to net wealth above the basic exemption; levy imposed under statutory provision.
Charge of wealth tax arises under the statutory charging provision and is levied on net wealth. Liability is computed by subtracting the basic exemption from net wealth and applying the prescribed rate to the excess; procedural guidance and reference manuals inform computation, exclusions, assessment and payment obligations.
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