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inheritance tax

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.
Also called death tax; British, death duty.
Compare estate tax.
Origin of inheritance tax
1835-45 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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Examples from the web for inheritance tax
  • He has also spoken out on major policy issues, for example, by opposing proposals to cut back the inheritance tax.
  • Among them is the proposed repeal of the inheritance tax on large estates.
  • He favours inheritance tax and gives money to such causes as birth control and anti-nuclear campaigning.
  • It is likely that such taxpayers also pay a big proportion of stamp duty, capital-gains tax and inheritance tax.
  • Perhaps the inheritance tax should not be totally abolished.
  • He has championed a flat income tax and the abolition of the inheritance tax.
British Dictionary definitions for inheritance tax

inheritance tax

(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
(in the US) a state tax imposed on an inheritance according to its size and the relationship of the beneficiary to the deceased
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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