A tax payable by your heirs on any gifts in the seven years before death, and on the value of assets when he or she dies – this is exempt between a husband and wife or to charity. This applies to any amount over £275,000, and the tax rate is 40% for deaths on or before 6th April 2006

Inheritance Tax is levied on the estate of someone who has died More Inland Revenue - The Inland Revenue is responsible for collecting most tax in the UK More

A tax payable on your assets when you die. No inheritance tax is payable if your total assets, including your home, are worth less than £223,000. This figure may change in the March 1999 Budget. If your assets are worth more than £223,000, 40% tax is payable on the excess over £223,000. Some lifetime gifts may be liable to inheritance tax, although gifts you make to another individual are free of inheritance tax if you do not die within seven years of making the gift.

A state tax on the value of the asset share passing to a particular heir.

Up to £223,000 - the current inheritance tax exemption - of a deceased person's estate can be transferred to beneficiaries free of tax. Any assets above this will be taxed at the rate of 40 per cent.

Tax payable on certain gifts and transfers during lifetime and upon death.

A tax imposed on a person who inherits property from another (unlike an estate tax, which is imposed on the decedent's estate). There is no federal inheritance tax, but some states provide for one (though it is deductible under the federal estate tax). Black's Law Dictionary – Deluxe Seventh Edition; West Publishing Company; St. Paul; 1999; page 1470.

This tax is charged on certain gifts, and on the value of the estate left by someone who has died.

tax on goods or cash that is inherited, and paid by the recipient of the inheritance.

UK tax charged on the passing of wealth from one person to another, either during life or at death.

Tax imposed by Nebraska according to the relationship to the decedent of the person who receives the property.

A tax imposed on the beneficiary for the transmission of property at death. (Compare " estate tax.") In practice, the difference between an estate tax (as a tax on the estate) and inheritance tax (as a tax on the beneficiary) is more theoretical than real, because the tax is collected from the estate in both cases and the only significant difference is in the calculation of the tax (because the inheritance tax may be affected by the number of beneficiaries and their relationship to the decedent). Less than 12 states still impose a tax that could be termed an "inheritance tax."

The death duties which replaced capital transfer tax in the 1986 Finance Act. The change abolished tax in most cases for lifetime gifts and created 'potentially exempt transfers'. The situation on death remains that all assets owned are chargeable subject to a nil-band and certain exemptions.

a tax on the estate of the deceased person

a tax imposed on inherited wealth

a tax imposed on the people (beneficiaries) who receive property from the deceased

a tax imposed upon the privilege of receiving property

a tax on the decedent's transmission of property, not upon the receipt of

40% Tax payable on Legacies over a certain threshold.

The last twist of the taxman's knife. Inheritance tax is due on the value of a deceased person's estate. In the 2004-2005 tax year it is charged at a single rate of 40% but only applies to amounts over £263,000. Money left to a spouse is exempt as are gifts made more than seven years before a person dies.

This is tax which is levied against your estate at the time of your death. More about inheritance tax

A tax assessed against the beneficiaries of an estate based on the amount received by each beneficiary and that beneficiary's relationship to the decedent.

Where you wish a surviving spouse or a charitable institution [both of which are usually exempt from IHT] to share the residue of your estate with other people or organisations [who are not exempt from IHT], any Inheritance Tax liability attributable to residue will be deducted only from the shares of those other people so that the entitlement of the spouse or charity will not be affected by any Inheritance Tax. back

Inheritance Tax is the death tax due to the county the decedent resided in or owned real estate in at the time of his or her death. The tax is owed twelve (12) months after death.

Tax on the assets inherited upon someone's death.

A tax on money passing when a person dies.

An estate tax assessed by the state.

Tax payable on the transfer of assets either during an individual's lifetime or on his or her death.

A tax levied by the county of residence of a person who inherits. The rate of taxation depends on the size of the inheritance and the relationship between the person who inherits and the deceased.

A death levy of 40% incurred by everyone with a net worth of more than £263,000.

(added August 2002) IHT is a tax on chargeable transfers made by an individual during his or her lifetime, and on the value of the death estate. IHT is also chargeable in respect of certain events relating to settlements without an 'interest in possession' (e.g. gifts to discretionary trusts). A 'chargeable transfer' is a 'transfer of value' made by an individual, which is not an exempt transfer. IHT is payable by domiciled individuals on chargeable worldwide property, and by non-UK domiciled individuals in respect of chargeable UK property. Many gifts are completely IHT exempt, and some lifetime and death transfers are also exempt. Most lifetime gifts are 'potentially exempt transfers' which are only subject to IHT if the donor dies within 7 years after making them. A cumulative total is kept of chargeable lifetime transfers, and no tax is payable on lifetime gifts or the death estate until a threshold (the 'nil rate band') is exceeded.

Refer to: Direct Tax

The state tax imposed on the beneficiary of an inheritance. Unlike federal law, the North Carolina rate of tax varies depending on the relationship of the beneficiary to the decedent.

A tax on money or property that an individual inherits.

Tax due on an estate following the death of the owner.

Inheritance Tax is the tax levied on the value of all assets in excess of any individual allowance that you may be entitled to at the time of your death. The current rate for Inheritance Tax is 40%. The figure of 40% is currently applicable to everyone, including children, regardless of their usual tax status in the UK.

This tax is collected on a person’s estate that is deceased. The beneficiary of the estate has to pay the tax. Gifts given prior to the death or money left to a spouse are not subject to this tax.

Inheritance Tax (IHT) is the tax your estate pays when you die although it can also be charged on certain lifetime gifts.

Technically, a death tax which is levied by a State upon each taker of a decedents' property, as opposed to an estate tax which is levied on the estate as a whole. (See Estate Tax.) However, Utah's pick up estate tax is known as the "Utah Inheritance Tax."

A state tax on an heir's right to receive property, determined by the value of the asset.

A state tax based on the value of property passing to each heir. It differs from the estate tax in that kinship generally determines the tax rate and the exempt amount, while the estate tax is a net value tax. See estate tax.

A tax paid particularly on an estate on death, but also on some lifetime gifts

Inheritance tax is levied when individuals receive property from a deceased parent or spouse. All assets so received, such as cash, deposits, stock, personal property and real estate, are subject to taxation. The amount of tax is calculated by multiplying the market price of the property at the time of inheritance by the applicable tax rate. Every individual who acquires property in this way pays inheritance tax, at one of nine levels. Inheritance tax accounts for slightly more than 3% of national tax revenue. The inheritance tax burden grew heavy during the economic bubble due to soaring land prices, but it has since been alleviated through lowering the maximum tax rate. The Finance Ministry's Tax Bureau remains hesitant about cutting inheritance tax rates further because it regards the recent easing of progressive rates of individual income tax as having weakened the mechanism for the redistribution of wealth. The Ministry of Economy, Trade and Industry and the business community argue that the high rate of inheritance tax prevents individuals from taking over small and midsize businesses inherited from their parents or spouse.

A tax based on an estate's value at the time of the owner's death. A federal unified tax is assessed on the combined value of the estate and qualifying gifts so that estate taxes cannot be avoided by gifts in anticipation of death.

The tax imposed by a state on the privilege of receiving property from the deceased.

Any death tax which is levied by a non-federal government (e.g. a state) upon the takers of the property as opposed to the estate as a whole (see estate tax).

A state tax on property that an heir or beneficiary under a will receives from a deceased person's estate. The heir or beneficiary pays this tax.

A tax imposed by a number of states that is based on the value of the property that taxpayers inherit. It is levied on the right to receive property, not on the right to transfer property.

A tax paid in the UK on wealth (money, property, etc.) passed from one person to another during their lifetime or as part of their estate after death.

Tax levied upon the right to transmit property at death, imposed upon and measured by the share each heir receives. Since it is levied on the right to succeed to a deceased person's property, it is sometimes called a succession tax. This latter term is common in Canada.

this tax is payable on the estate of a deceased person if the value of their assets falls above a certain level. Gifts between spouses are exempt from inheritance tax.

A tax levied on the right of the heirs to receive property from a deceased, measured by the share passing to each beneficiary. It differs from an estate tax in that estate taxes are levied on the right to transfer property at death, not the right to receive property from a deceased.

A tax placed on heirs for the right to receive property from another at death.

This tax is payable at the time of death, on any items (money or otherwise) where ownership changes on death or within 7 years before. There is no inheritance tax on the first portion of the deceased person's estate and transfers between husband and wife are exempt. There are other exemptions and the rules governing these can be complex.

Tax imposed by some states on the amount received by a particular heir or beneficiary. Maryland still has an inheritance tax; Virginia and the District of Columbia do not.

This is a tax that is levied on the value of your estate (all the assets you own) when you die. You only pay inheritance tax (at a rate of 40%) once your estate value exceeds a certain limit - for the tax year 2001-2002 the limit is £242,000

A Tax imposed upon the privilege of succeeding to the Title of Real and Personal Property of a Decedent.

A tax on the right of an heir to receive property at the death of another.

Tax on the value of your estate - all the assets you own - when you die. You only pay IHT (at 40 per cent) once your estate value exceeds a certain limit - £242,000 for the 2001-2002 tax year. IHT is usually avoidable with a little planning. Seek independent financial advice. Initial charge A charge made by a fund manager to cover administration and sales costs. It is typically five per cent.

A tax levied by some states on the right of heirs to inherit assets. An inheritance tax is imposed on the heir rather than on the estate.

This is a tax payable on all of your assets when you die. No Inheritance Tax is payable if your total assets including your home are worth less than the Nil rate band (currently £255,000).

A tax on the right of heirs to receive property from a deceased. Imposed by a number of states.

A tax that is levied by a state or local government upon those who inherit property; paid by the recipient.

A tax levied on the right to receive property from a deceased person. This tax should be distinguished from the estate tax that is levied on the right to transmit property, not the right to receive it.

The current form of death duties. Generally, it is charged on the assets of the deceased as at the date of death together with the value of any gifts made by the deceased in the seven years prior to death.

A tax upon the right to receive property from the estate of one who has died, determined in relation to the degrees of kinship.

A tax on the transfer of property from a deceased person to heirs.

A tax, based on property value, imposed in some states on those who acquire property from a decedent. Compare estate tax.

Inheritance tax is a 40% tax applied to the largest estates. Charitable contributions are exempt from inheritance tax.

Tax owed by your beneficiaries.

A tax levied by states on inherited property and paid by the person receiving the property.

Roughly anything over £150,000 is taxed at 40% (at the time of writing). Solicitors are the best folk to advise on how to minimise this if it applies to you. Intestate: The term that the law uses to describe one who dies without a will or no valid will.

IHT is a tax that your estate pays at a flat rate of 40% on assets over a certain limit (the IHT threshold) that you leave on your death. The Inheritance tax threshold for the 2006/2007 tax year is £285,000. Any amount of money you give away outright will not be counted for the IHT if you survive for seven years after making the gift. If you die within seven years, taper relief on the amount will apply. This reduces the amount of tax due. Some gifts are exempt for IHT altogether regardless of how soon you die after making them. They include gifts to your spouse and gifts to charities.

In the event of your death, this tax is payable by your heirs.

This tax is payable at the time of death on money, property, investments and other assets (eg- valuable paintings).

A tax on the estate of a deceased person.

Tax payable on your estate

IHT) Tax paid on a person's estate when they die. It does not have to be paid on that part of the estate passing on to a spouse.

A tax on the income (including property) received by an heir from the estate of a person who has died. Bequests to charitable organizations are not taxed.

State tax based on the value of property received through inheritance. (Tax is in the US and in England.)

In the United Kingdom, Death Duty was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. The value changed over time and the scope of estate duty was extended. By 1857 estates worth over £20 were taxable but duty was rarely collected on estates valued under £1500.