inheritance tax

A succession tax; a tax on the privilege of taking property of a decedent in accordance with law or on the right to receive property of a decedent. Not a tax on decedent's privilege of disposition of his property. 28 Am J Rev ed Inher T § 8. A tax on the right to successioty to property, and not on the property itself, and collectible out of each specific share or interest, and not out of the general property of the estate. Re Estate of Kennedy, 157 Cal 517, 108 P 280. Not a debt. Anno: 150 ALR 1287; 47 ALR2d 1015. Although the term "inheritance tax" has been sometimes so employed as to include taxes of the nature of estate duties, proper regard for the etymology of the term is sufficient to restrain extension of its meaning beyond succession duties. The term as used in a private document, however, may well be deemed to have been intended to cover taxes which are technically estate taxes as well as those which are strictly inheritance taxes. 28 Am J Rev ed Inher T § 8. See collateral inheritance tax; estate tax; lineal inheritance tax; net estate; net succession; progressive tax.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • inheritance tax — n: an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received compare estate tax Merriam Webster’s Dictionary of Law. Merriam… …   Law dictionary

  • inheritance tax — ( IHT) 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 …   Financial and business terms

  • inheritance tax — inheritance taxes N COUNT An inheritance tax is a tax which has to be paid on the money and property of someone who has died …   English dictionary

  • inheritance tax — ► NOUN ▪ (in the UK) tax levied on property and money acquired by gift or inheritance …   English terms dictionary

  • inheritance tax — n. a tax levied by the state upon the right of a beneficiary to receive the property of a deceased person …   English World dictionary

  • Inheritance tax — An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died.[1] In international tax law, there is a distinction between an… …   Wikipedia

  • inheritance tax — a tax levied on the right of an heir to receive a decedent s property, the rate being a percentage of the value of the property. Also called death tax; Brit., death duty. Cf. estate tax. [1835 45] * * * Levy on the property accruing to each… …   Universalium

  • inheritance tax — IHT A tax introduced in the budget of 1986 to replace capital transfer tax. Inheritance tax is chargeable on the death of an individual domiciled in the UK on all property, wherever it is situated. It is also charged on potentially exempt… …   Accounting dictionary

  • inheritance tax — IHT A tax introduced in the Budget of 1986 to replace capital transfer tax Inheritance tax is chargeable on the death of an individual domiciled in the UK on all property, wherever it is situated. It is also charged on potentially exempt… …   Big dictionary of business and management

  • Inheritance Tax — In some states in the U.S. (and in the United Kingdom), a tax imposed on those who inherit assets from a deceased person. The tax rate for inheritance taxes depends on the value of the property received by the heir or beneficiary and his/her… …   Investment dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.