ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INHERITANCE TAX Definition
INHERITANCE TAX is a tax charged on the passing of wealth from one person to another, either during life or at death.
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TRANSFER PRICE is the price charged by an individual entity in a multi-entity corporation on transactions among the entities involved.
CAPITAL REDEMPTION RESERVE, in Great Britain, the S170 Companies Act 1985 provides that where shares of a company are redeemed or purchased wholly out of the company's profits, or by a fresh issue the amount by which the company's issued share capital is diminished on cancellation of the shares shall be transferred to a reserve called the 'capital redemption reserve'. It also provides that the reduction of the company's share capital shall be treated as if the capital redemption reserve were paid up capital of the company.