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 sensible financial planning, many people have made use of this method of avoiding Inheritance Tax.
Due to the dramatic increase in property values over the last few years, many people find they are over the current Inheritance Tax nil-rate band of pounds 285,000.
Turning to the proposed reduction of the inheritance tax rate, Miyazawa said the issue should be contemplated in the context of overall reform of the inheritance tax system.
Fifteen states (Delaware, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Montana, Nebraska, New Hampshire, New Jersey, North Carolina, Pennsylvania, South Dakota end Tennessee) impose an inheritance tax system, which is a levy on the right to receive property imposed on the heirs.
WHILE inheritance tax was at one time the concern of very wealthy families and individuals, now it affects more and more people.
ASHAKE-UP of "unpopular" inheritance tax, so that executors would only need to account for gifts made within five years of death rather than seven years currently, has been proposed by an independent review.
We realise our three children and five grandchildren would have to pay quite a bit in inheritance tax after our death.
It's no more the case now after the imposition of 40 per cent inheritance tax rule on such properties.
INHERITANCE tax (IHT), sometimes referred to as 'death tax', is a tax on the estate - defined as property, savings and possessions - of an individual who has died.
Figures published by HM Revenue & Customs (HMRC) earlier this year showed that inheritance tax (IHT) receipts accounted for a record PS5.2bn income for the Government for the year 2017-18 - an increase of 8% on the previous financial year.
HM Revenue and Customs ('the Revenue') last year commissioned a report into the public's understanding of Inheritance Tax and the reliefs available to reduce tax payable.