inheritance tax

American  

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.

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inheritance tax British  

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

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Etymology

Origin of inheritance tax

First recorded in 1835–45

Example Sentences

While only one voted against, more than 30 of them actively abstained on a parliamentary vote on the inheritance tax policy earlier this month to demonstrate their concerns.

From BBC

Following her husband's passing, Ms Armstrong said she was incredibly worried about how the proposed changes to inheritance tax would impact their family.

From BBC

Farmers in Northern Ireland "never gave up hope" that the government would move on its proposals around inheritance tax.

From BBC

The UK government said Tuesday it will raise inheritance tax thresholds for farmers' estates from £1 million to £2.5 million, signalling a major climbdown of a policy that triggered months of protests.

From Barron's

"Many farm businesses are marginal or loss-making, yet will soon be hit with unaffordable inheritance tax bills, which in many cases will dwarf their annual profit," he explained.

From BBC

Related Words

• death tax
• estate tax