Definition of Inheritance tax:
A tax imposed on someone who inherits property or money.
Levy payable by the individual inheritor(s) of wealth (assets) received after the death of the original owner. It is usually computed inversely according to the nearness of the familial relationship of the heir to the deceased: the closer the relationship the higher the tax. Inheritance tax is generally covered under capital transfer taxes, and one of its objectives is a greater distribution of wealth in a society.
How to use Inheritance tax in a sentence?
- Some jurisdictions do not have an actual estate or inheritance tax but still levy tax when a death occurs.
Meaning of Inheritance tax & Inheritance tax Definition