Inheritance Tax
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An Inheritance Tax is a Tax that ...
- …
- Counter-Example(s):
- an Estate Tax.
- See: Capital Gains Tax.
References
2021
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/inheritance_tax Retrieved:2021-3-17.
- An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died.
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.
- An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died.