inheritance tax

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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.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

inher′itance tax`


n.
a tax levied on the value of property bequeathed to an heir.
Also called death tax; Brit., death duty.
[1835]
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.
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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
The good news is that IHT mostly only applies to non-UK domiciled people in respect of directly held UK assets.
Inheritance tax (IHT), sometimes known as the 'death tax', is a tax on the estate - property, money and possessions - of someone who has died.
So, for a couple having all four parents alive, they could potentially receive gifts of up to PS20,000 without any IHT implications for their parents.
The purpose of the MoU with IHT is to ensure mutual cooperation, collaboration to support and advice on skill development, training and various poverty alleviation interventions and broader poverty gradation strategy implementation for artisans among the BISP Beneficiaries in the selected Districts.
IHT will advocate for the artisan's skills and national heritage of Pakistan to develop public awareness of the value and importance of hand made products by poor workers, Promote BISP activities in selective events and may utilize ART and Craft Village Islamabad as Venue.
IHT will help artisans to establish their independent own enterprises, to provide access to credits and it the marketing of their products to reduce exploitation of middlemen.
Despite the fact that more estates are paying IHT, there are ways to prevent families paying over the odds.
IHT can cost your family and loved ones a considerable sum of money in the event of your death.
Effective immediately, IHT Founder and president Steven Dudash has joined the US Wealth Management leadership team as executive vice president, recruiting and strategic development.
As the initial step in the transitional plan, IHT Founder and President Steven Dudash has joined the US Wealth Management leadership team as Executive Vice President, Recruiting and Strategic Development.
Rapidly rising house prices and the freezing of the IHT threshold until 2019 mean many more families will be liable to pay Inheritance Tax.