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A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
In general the vendee has to pay the tax. The tax rate is defined by the individual states. In general the tax rate is 3.5%, but all states except Bavaria and Saxony have increased it since 2011. Most states now have a tax rate of 4.5% or 5%; the highest are North Rhine-Westphalia, Saarland and Schleswig-Holstein with 6.5%.
Individuals include sole traders and salaried people who are taxed at progressive individual income tax rate, which varies from the lowest marginal rate of 8% to the top marginal rate of 30%. However, for a non-resident individual the applicable rate is 20%, which is charged on the total income.
The standard rate of regional tax (IRAP) is 3.9 percent, however regional authorities may increase or decrease the rate of standard tax by up to 0.92 percent. In addition, different IRAP rates are used to differentiate sectors of the economy in each region.
Income Tax. Personal income tax is applicable to total taxable income of an Individual and all individuals are taxed at progressive marginal rates over a series of income brackets. The tax year runs from 1 March to 28 February. Tax rates for the 2010–2011 to 2012–2013 tax years were as follows:
In Scotland, however, there are more tax brackets than in other UK countries. Scotland has the following additional income tax brackets: 19% from £12,571 to £14,667; 20% from £14,667 to £25,296; 21% from £25,297 to £43,662; 41% from £43,663 to £150,000; and 46% for any amount over £150,000. [82]
Actual assessing of tax only began in November 1948. In the first Year of Assessment, about 40,000 individual tax returns and 1,000 corporate returns were received. The total tax collected for the period 1 January 1948 to 31 December 1949 was $33.2 million.
In a progressive tax system, the marginal tax rate (the tax rate on the last dollar of income earned) is greater than the average tax rate (the total tax paid divided by total income earned). Conversely, in a regressive tax system, the marginal tax rate is lower than the average tax rate. [38] [39] [40] [41]
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