inheritance tax

noun

1

: a tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors

2

: death tax

especially : estate tax

Examples of inheritance tax in a Sentence

Recent Examples on the Web

Similar to estate tax in the U.S., inheritance tax in the U.K. is charged at 40% on the property, possessions and money of someone who has died, above a threshold of 325,000 pounds, or around $410,000. —Hannah Peart, NBC News, 30 Nov. 2024

Retirees also don't pay an inheritance tax or an estate tax, and most groceries and all prescription and nonprescription drugs are tax-free. —Dobrina Zhekova, Travel + Leisure, 20 Nov. 2024

Higher taxes for family businesses The inheritance tax changes in the Budget will raise £520 million for the Treasury, according to the Office for Budget Responsibility (OBR). —Marc Shoffman, theweek, 6 Nov. 2024

Dyson’s farming empire Dyson’s critique is hardly surprising given the entrepreneur owns a sprawling farming empire through his eponymous company, which stands to be impacted by the impending inheritance tax changes. —Byprarthana Prakash, Fortune Europe, 4 Nov. 2024

Word History

First Known Use

1841, in the meaning defined at sense 1

Legal Definition

inheritance tax

noun

: an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received compare estate tax