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Inheritance Tax

An inheritance tax (also known as an estate tax) is a tax levied on 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. In international tax law, there is a distinction 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 beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the “inheritance tax” in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article “Inheritance_tax“.
 

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