inheritance tax

noun

1. 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.

inheritance tax

noun

1. (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. (in the US) a state tax imposed on an inheritance according to its size and the relationship of the beneficiary to the deceased

Word History and Origins

Origin of inheritance tax¹

First recorded in 1835–45

Example Sentences

The party has since expressed an interest in getting the very wealthy to pay more in inheritance tax, whilst attempting to lessen the impact of the levy on those inheriting modest amounts via family homes.

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The chair of Ferrari and Stellantis has agreed to do one year of community service and jointly pay millions of euros to settle a dispute over inheritance tax in Italy.

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This covered her personal position in relation to council tax, stamp duty land tax, capital gains tax and inheritance tax.

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A senior executive at major UK retailer Marks and Spencer has criticised planned changes to inheritance tax, warning they will put off young people from working in farming.

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Other issues set to dominate include the ongoing row over changes to inheritance tax rules for farmers, and restrictions to trade along the Welsh border as a result of bluetongue disease.

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Related Words

• death tax 
• estate tax