One of the mysteries of the English language finally explained.
(in the UK) tax levied on property and money acquired by gift or inheritance (introduced in 1986 to replace capital transfer tax).
- ‘An inheritance tax is always imposed on beneficiaries when the deceased owns property or assets in Spain.’
- ‘There are no annual property rates or taxes on the islands and inheritance tax was abolished in 1992.’
- ‘This enables them to avoid draconian British inheritance tax levies in favour of lower Irish rates.’
- ‘Capital gains tax and inheritance tax can be avoided on works of art of national importance if they are available for the public to view.’
- ‘More of them than ever before have been swept into higher tax rates, inheritance tax and stamp duty.’
- ‘The government announced last summer that work was under way to allow inheritance tax to be paid out of an estate before probate was granted.’
- ‘Only the spouse of the person who has died can inherit without incurring inheritance tax.’
- ‘Depending on who inherits the money after your death, there may be income or inheritance tax to be paid on the proceeds.’
- ‘Most gifts are exempt from inheritance tax as long as they are made to individuals more than seven years before your death.’
- ‘The rich have got off too lightly with reductions in capital gains tax and inheritance tax.’
- ‘Most people know that you can gift £3,000 a year without inheritance tax applying at all.’
- ‘The same applies to inheritance tax and stamp duty, both of which are payable on the basis of the house price.’
- ‘Some jurisdictions do not have an actual estate or inheritance tax but still levy tax when a death occurs.’
- ‘But even if you don't want to part with major items you can make various small gifts free from inheritance tax annually.’
- ‘These gifts are free of inheritance tax providing the individual survives seven years from the date of making the gift.’
- ‘You recently mentioned the annual gift exemptions for inheritance tax.’
- ‘In most other countries, inheritance tax is levied, which has long been a lever to modulate the income gap.’
- ‘If inheritance tax is to be levied at all, very generous financial thresholds must be put in place.’
- ‘The problem with inheritance tax is that the government isn't taxing the dead, its taxing the bereaved.’
- ‘You could be liable to Irish inheritance tax and a similar tax in your new country of residence.’
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