- a tax levied on the right of an heir to receive a decedent's property, the rate being a percentage of the value of the property.
Compare estate tax.
Origin of inheritance tax
First recorded in 1835–45
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
- (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
- (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 & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012