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

During Thursday's programme, which marked Morgan's first 100 days leading the Welsh government, the first minister also called for farmers to "calm down a bit" over changes to inheritance tax.

From BBC

Wales' first minister has called for farmers to "calm down a bit" over changes to inheritance tax.

From BBC

A bid by the department for rural affairs to soften changes to inheritance tax for farms - possibly by exempting some older farmers - has been rejected by the Treasury.

From BBC

There has been an outcry from many farmers following the changes to inheritance tax for farms announced in the Budget.

From BBC

However, some have considered it a loophole in the inheritance tax system.

From BBC

Related Words

• death tax
• estate tax