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.
Words nearby inheritance tax
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. 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