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 ?
Experts said that, in general, a person's marital status can make an enormous difference when it comes to inheritance tax bills.
THE Office for National Statistics (ONS) inheritance tax data shows estates liable for inheritance tax in the UK face an average bill of nearly PS175,000 each.
4 million can be left to spouses and children without any federal inheritance tax.
INHERITANCE tax, is no longer something that just effects the wealthy.
JUST 300 estates in the Birmingham area paid inheritance tax in one year.
SIGNIFICANT rises in the property market over recent years are pushing many people - perhaps unwittingly - into larger inheritance tax bills, according to wealth adviser Towry.
The laws in Spain regulating inheritance tax treats residents and non-residents differently.
Bereaved relatives could be left facing an unexpected tax bill - because so many people are ignorant of inheritance tax rules.
In addition to an estate tax, New Jersey also has an inheritance tax (see New Jersey Statutes Annotated [NJSA] section 54:5-1).
PAUL Brokenshar of Investec Wealth and Investment recalls a Commons debate in 1986 when Roy Jenkins MP described inheritance tax as being "a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.
THE issue of Inheritance Tax is often regarded as a taboo subject, but careful and early lifetime planning can significantly reduce the loss of wealth from a deceased's estate.
For many rural business owners this week s Budget brings the prospect of significant new inheritance tax liabilities, Clive Beer of Savills Rural Professional business looks at the detail.