inheritance tax


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Related to inheritance tax: capital gains tax, gift tax, estate tax

inheritance tax

n.
A tax imposed on the privilege of taking property by inheritance or the right of receiving property by will, and assessed on the value of the property.

inheritance tax

n
1. (Government, Politics & Diplomacy) (in Britain) a tax introduced in 1986 to replace capital transfer tax, consisting of a percentage levied on that part of an inheritance exceeding a specified allowance, and scaled charges on gifts made within seven years of death
2. (Government, Politics & Diplomacy) (in the US) a state tax imposed on an inheritance according to its size and the relationship of the beneficiary to the deceased

inher′itance tax`


n.
a tax levied on the value of property bequeathed to an heir.
Also called death tax; Brit., death duty.
[1835]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.inheritance tax - a tax on the estate of the deceased person
transfer tax - any tax levied on the passing of title to property
References in periodicals archive ?
With the value of family homes now routinely being more than the PS325,000 inheritance tax relief threshold, it has become an issue for the majority rather than the few.
6 million for the month, bringing year-to-date inheritance tax revenue to $100.
Figures from HMRC show around 300 estates, including 130 in Birmingham, 100 in Solihull, 40 in Dudley and 30 in Wolverhampton, along with less than 10 in each of the other parts of the Birmingham area, paid inheritance tax in 2012/13.
In London, the potential impact on an inheritance tax bill is even more marked with an average house price of PS458,000.
If you have inherited properties or assets in Spain within the last four years and either you or the deceased were non residents in Spain at the time of death, you may be able to recover almost 100 per cent of the inheritance tax paid to the Spanish tax office.
A report by Close Brothers Asset Management shows a third of people are oblivious to the need to plan for inheritance tax.
He explains that inheritance tax is levied at a rate of 40% on assets exceeding the nil rate band of PS325,000 per person.
Where an individual's net estate exceeds the nil rate band of PS325,000 (PS650,000 for married couples) on death, Inheritance Tax of 40% is levied on that excess.
Indeed it seems to me an avoidable problem that if you employ tax consultants to avoid inheritance tax, which of course the seriously rich are very good at.
The Chancellor has confirmed that the threshold for inheritance tax will be frozen at Au325,000 per person until 2018.
A If your mother's total estate (including the value of the house) is likely to exceed the inheritance tax threshold, then charging her a market rent may be an alternative to paying inheritance tax at 40% on any amount above the threshold.