inheritance tax

noun

1

: a tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors

2

: death tax

especially : estate tax

Examples of inheritance tax in a Sentence

Recent Examples on the Web

Corporate net income tax revenues grew dramatically (66%) and would have been more without rate reductions in recent years, as did inheritance tax revenues (56%), sales and use taxes (29%) and personal income taxes (26%). —Anthony Hennen | The Center Square, Washington Examiner - Political News and Conservative Analysis About Congress, the President, and the Federal Government, 2 July 2024

Maryland is the only state to impose both an estate tax and an inheritance tax. —Medora Lee, USA TODAY, 11 Apr. 2024

Lesperance, a former non-dom in Britain during the late 1990s, said one billionaire client’s trust holdings would increase his UK inheritance tax liability more than 1,000% to about £400 million due to Labour’s non-dom reforms. —Eli Joseph, Fortune Europe, 6 June 2024

Some recent examples include the current new Norwegian wealth and exit tax or just the high tax burden of other European countries like France with a high inheritance tax. —Francois Botha, Forbes, 25 Feb. 2024

Word History

First Known Use

1841, in the meaning defined at sense 1

Legal Definition

inheritance tax

noun

: 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