inheritance tax

Quick Reference

A tax on amounts inherited by particular heirs. The tax rate can vary according to the relation with the deceased; for example spouses may be exempt, or taxed progressively with the amount received. It is possible, as in the UK, to combine an inheritance tax with a tax on gifts inter vivos, that is gifts made while the donor is still alive, via a capital transfer tax.

Subjects: Financial Institutions and Services.

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