inheritance tax(redirected from Inheriance tax)
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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.
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
a tax levied on the value of property bequeathed to an heir.Also called death tax; Brit., death duty.