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

Since the government unveiled its new inheritance tax plans for farmers in last month’s Budget, there has been intense debate about how many people will be affected and to what extent.

From BBC

On agricultural inheritance tax. the prime minister again said the vast majority of farms would be "completely unaffected".

From BBC

Farmers have dominated the debate over the recent Budget's change to inheritance tax – but the issue is much wider than that.

From BBC

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

Related Words

• death tax
• estate tax