Inheritance Tax

An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died. In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the "inheritance tax" in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax.

In some jurisdictions the term used is death duty. For historical reasons that term is used colloquially (though not legally) in the United Kingdom and some Commonwealth nations.

Read more about Inheritance Tax:  Varieties of Inheritance and Estate Taxes, Other Taxation Applied To Inheritance

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Inheritance Tax - Historical - Ancient Rome
... No inheritance tax is recorded for the Roman Republic, despite abundant evidence for testamentary law, but one was levied by Rome's first emperor ... The 5 percent tax applied only to inheritances received through a will, and close relatives were exempt from paying it, including the deceased's grandparents, parents, children ... Estates below a certain value were also exempt from the tax, according to one source, but other evidence indicates that this was true only in the early years of Trajan's reign ...
Modern Meritocratic Movements - The Meritocracy Party
... The introduction of 100% Inheritance Tax, so that the super-rich elite can no longer pass on their wealth to a select few (their privileged children) rather than the Commonwealth - this inheritance tax would ... Steiner and Maria Montessori — revenue coming in from 100% inheritance tax should primarily be invested into the educational system, the bedrock of a true meritocracy ...
Income From A Heerlijkheid
... Inheritance tax (heffing op nalatenschappen) Usually the lord was entitled to collect an inheritance tax, which was sometimes referred to in Dutch as the "right of ... This was a tax on the estate of a deceased resident ... Often there was also a special inheritance tax on the estate of a foreigner, someone not born in the heerlijkheid (inwijkeling) and illegitimate children ...
Personal Injury Trust - Role and Practice
... (6) Tax issues ... Personal injury trusts usually carry no UK tax advantages ... The UK taxation anti-avoidance rules prevent tax advantages being given to such settlor interested trusts ...
Taxation Of Trusts (United Kingdom) - Inheritance Tax
... See main article Inheritance tax (United Kingdom) ... The inheritance tax ("IHT") treatment of trusts was substantially revised by the Finance Act 2006, with effect from 22 March 2006 ... The possible types of trust which can now exist for inheritance tax purposes are set out in the table below Name Defining features Tax treatment Bare ...

Famous quotes containing the words tax and/or inheritance:

    I come into the peace of wild things
    who do not tax their lives with forethought
    of grief.
    Wendell Berry (b. 1934)

    It is very difficult to be wholly joyous or wholly sad on this earth. The comic, when it is human, soon takes upon itself a face of pain; and some of our griefs ... have their source in weaknesses which must be recognized with smiling compassion as the common inheritance of us all.
    Joseph Conrad (1857–1924)