inheritance tax

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Related to death duty: inheritance tax

Inheritance Tax

A tax on the money or assets that one inherits from an estate, as opposed to a tax on the estate itself. In the United States, inheritance taxes are levied at the state level and apply to the inheritors rather than the estate of the deceased. Generally speaking, inheritance taxes vary according to the inheritor's relationship with the deceased. For example, a spouse rarely, if ever, is responsible for an inheritance tax. It should not be confused with an estate tax, which is a tax on the estate before it is distributed.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

inheritance tax

A state tax levied on the recipient of an estate rather than on the estate itself. The tax varies by state and its severity in a given state usually depends on the kinship between the deceased and the heir. Some states levy a tax on the estate instead of a tax on the amount inherited. Also called death tax. Compare estate tax.
How can I minimize inheritance tax?

Estate and gift tax law is in a state of flux. An estate planning attorney will have the most up-to-date information available to assist you in minimizing your tax liability. Avoiding probate should also be a goal. Joint ownership, revocable living trust, irrevocable trusts, and life insurance may be useful tools to avoid or eliminate the estate tax and costs of probate, but only an experienced estate planning attorney can help you decide which of these tools will suit your needs best.

Gloria Cole, Attorney, private practice, Weston, MA
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

inheritance tax

a form of WEALTH TAX imposed by the UK government on a proportion of a person's private assets when these assets are transferred to the person's beneficiaries. Currently (as at 2005/06) ‘chargeable assets’ such as houses, stocks and shares, etc. up to a maximum of £275,000 are tax-exempt. Above £275,000 inheritance tax is levied at a flat rate of 40%. Assets transferred more than seven years before the donor's death are exempt from inheritance tax, while assets transferred between three and seven years before death are taxed at lower rates.

Inheritance tax superseded earlier UK arrangements for taxing wealth, including estate duty or death duty and capital transfer tax.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

inheritance tax

see WEALTH TAX.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

inheritance tax

See estate tax.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The adjustments made for the three categories of missing wealth on the basis of the independent balance sheet estimates and other information cannot be entirely accurate because, unlike the death duty returns, the balance sheet data provide no information about the distribution of wealth-holding into different sizes.
Death Duty fell at the last when well held behind Footpad in the Grade 1 R a c i n g P o s t N o v i c e C h a s e a t Leopardstown on St Stephen's Day, but Gigginstown spokesman Eddie O'Leary revealed he had suffered an injury early in the race.
Davy Russell guided Death Duty to an emphatic win over Rathvinden in the Bar One Racing Drinmore Novice Chase, retaining his unbeaten record over fences.
The indications had been that Death Duty, unbeaten in three starts over fences, would be in action at Grade 2 level over two and a half miles at Limerick the same day.
Death Duty is now set to tackle the JLT Novices' Chase, for which he is a best-priced 8-1.
POPULAR CHOICE Both Bouverie and Newsboy fancy Death Duty in tomorrow's 2.35 in Fairyhouse
All three were owned by Michael O'Leary's omnipotent Gigginstown House Stud firm, with Jack Kennnedy enjoying a Grade 1 double on the hurdlers and Davy Russell guiding Death Duty to success.
Let's Dance was beaten, at long odds-on, by stable companion Augusta Kate in the Grade 1 mares event at Fairyhouse over Easter and produced a rock-solid performance to end her season, finishing fourth in a hot Grade1 at the Punchestown Festival, behind Bacardys, Finian's Oscar and Death Duty. Realistically, Let's Dance looks a cut above today's rivals and should resume winning ways.
Bar One Racing Drinmore Novice Chase 2.35 Fairyhouse 2m4f Grade 1 ATR VVCARD, page 45 THE exciting Death Duty, winner of both his starts over fences, heads Gordon Elliott's team as the trainer bids to win this Grade 1 for the fourth time.
Winner of a competitive novice handicap at the Punchestown Festival, this fellow appeared to blow-up when third to Death Duty on his seasonal bow at Punchestown last month and, fitter today, might prove too strong for the exciting Jury Duty and Bamako Moriviere.
I get that Death Duty has an uncannily similar profile to Don Cossack, who won this race in 2013 before going on to land the Cheltenham Gold Cup, but he has failed his sternest tests to date.
Elliott struck with Death Duty, which produced an excellent display of jumping to win the Grade 3 Buck House Novice Chase at the expense of Tous Est Permis and Woodland Opera.