inheritance tax

inheritance tax
inheritance tax n: an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received compare estate tax

Merriam-Webster’s Dictionary of Law. . 1996.

inheritance tax
Tax imposed on someone who receives property and money through inheritance.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

inheritance tax
a tax on property passing on death. Formerly known as estate duty, then as capital transfer tax, it became inheritance tax by the Finance Act 1986, which retrospectively allowed the Capital Transfer Tax Act 1984 to be renamed the Inheritance Tax Act 1984.
The tax applies to individuals. It is charged on the value transferred on property held at death. There are exceptions (the most significant being gifts between husband and wife and those to certain national institutions) and reliefs. Certain property is also excluded (the most significant being agricultural property).

Collins dictionary of law. . 2001.

inheritance tax
A tax some states impose on people or organizations who inherit property from a deceased person. The tax rate depends on the inheritor's relationship to the deceased person; typically, spouses or children pay no tax, but less closely related inheritors do pay inheritance tax. Compare: estate tax
Category: Wills, Trusts & Estates → Estate Tax
Category: Wills, Trusts & Estates → Estates, Executors & Probate Court

Nolo’s Plain-English Law Dictionary. . 2009.

inheritance tax
inheritance tax (IHT)
England, Wales
A tax on transfers of value (transfer of value). It is primarily a charge on death, on the value of an individual's estate as at the date of their death, over and above a certain allowance called the nil rate band. The rate of tax on death is 40%.
It may also be payable in lifetime, when assets are given to a relevant property trust or to a company. The rate of tax in lifetime is 20%.
In addition to the nil rate band, there are a number of exemptions, allowances and reliefs that may reduce the amount of IHT payable further.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

inheritance tax
A state tax on property that an heir or beneficiary under a will receives from a deceased person's estate. The heir or beneficiary pays this tax.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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  • inheritance tax — ( IHT) This is a tax that is levied on the value of your estate (all the assets you own) when you die. You only pay inheritance tax (at a rate of 40%) once your estate value exceeds a certain limit for the tax year 2001 2002 the limit is £242,000 …   Financial and business terms

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  • inheritance tax — n. a tax levied by the state upon the right of a beneficiary to receive the property of a deceased person …   English World dictionary

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  • inheritance tax — A succession tax; a tax on the privilege of taking property of a decedent in accordance with law or on the right to receive property of a decedent. Not a tax on decedent s privilege of disposition of his property. 28 Am J Rev ed Inher T § 8. A… …   Ballentine's law dictionary

  • Inheritance Tax — In some states in the U.S. (and in the United Kingdom), a tax imposed on those who inherit assets from a deceased person. The tax rate for inheritance taxes depends on the value of the property received by the heir or beneficiary and his/her… …   Investment dictionary

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