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

It is a sentiment shared over changes in the Budget to inheritance tax for farmers, which prompted protests in London on Tuesday.

From BBC

The government argues existing inheritance tax isn’t fair or sustainable – as everyone else sufficiently well off to pay it is charged 40% and farmers are charged nothing.

From BBC

Mr Barton said the government's attempts to target the wealthiest landowners who were investing in farms to avoid inheritance tax could see small farms like his ultimately sold off.

From BBC

A Welsh farmer has had sleepless nights and been left feeling "angry and scared" since changes to inheritance tax rules were announced.

From BBC

But he says the Budget announcement ending APR on inheritance tax has ended that.

From BBC

Related Words

• death tax
• estate tax