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

The regime has long courted controversy, leading U.K. Finance Minister Rachel Reeves in her October budget to confirm that it would be abolished from April 2025, and that all long-term residents would be subject to inheritance tax (IHT) on their worldwide assets, including those held in trust. —Karen Gilchrist, CNBC, 24 Jan. 2025

The plan also considers eliminating the inheritance tax and doing away with the Inflation Reduction Act’s alternative minimum tax for corporations. —Tobias Burns, The Hill, 17 Jan. 2025

Only a handful of states impose an inheritance tax. —Robert Cole, Forbes, 9 Jan. 2025

Jeremy Clarkson joins thousands of farmers in London to protest against the partial withdrawal of inheritance tax relief on farms. —The Week Uk, theweek, 25 Dec. 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