Actions

::Inheritance tax

::concepts

Estate::category    Taxation::property    Which::roman    State::united    Person::death    Deceased::exempt

An inheritance or estate tax is a tax paid by a person who inherits money or property or a levy on the estate (money and property) of a person who has died.<ref>{{#invoke:citation/CS1|citation |CitationClass=book }}</ref>

International tax law distinguishes 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 estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries.


Inheritance tax sections
Intro  Varieties of inheritance and estate taxes    Succession duty   United States  Other taxation applied to inheritance   Historical  See also   References   

PREVIOUS: IntroNEXT: Varieties of inheritance and estate taxes
<<>>