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WHAT IS AD VALOREM DUTY?

April 26, 2017AD duty valorem

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WHAT IS AD VALOREM DUTY?

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The Official Receiver/Trustee is obliged to pay any monies that they receive from realisations in your estate into the Insolvency Services Account at the Bank of England. As soon as these funds are banked a tax called ad valorem duty, is applied. In effect it is a tax on bankrupts which goes to pay the Insolvency Services costs. In certain instances it is possible to circumvent this. This can make a considerable saving to you.