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.
WHO SAID IT: A QUIZ ON PRESIDENTIAL WIT AND WISDOM
Think you know your presidents? Take this quiz and see if you can match the style, wit, and ideology of these memorable lines to the right POTUS.
Question 1 of 9
“I do believe that the buck stops here, that I cannot rely upon public opinion polls to tell me what is right. I do believe that right makes might and that if I am wrong, 10 angels swearing I was right would make no difference.”
Compare estate tax.
Origin of inheritance tax
First recorded in 1835–45
Words nearby inheritance tax
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020
British Dictionary definitions for inheritance tax
(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