inheritance tax

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Related to death duty: inheritance tax

inheritance tax,

assessment made on the portion of an estate received by an individual; it differs from an estate tax, which is a tax levied on an entire estate before it is distributed to individuals. The inheritance tax is usually progressive and is determined by the amount of property received by the beneficiary, as well as by his or her relationship to the deceased. Strictly speaking, it is a tax on the right to receive the property; the estate tax can be characterized as a tax on the right to transmit the property. All states impose either an estate tax or an inheritance tax, some states employing both. A related federal levy is the gift tax, designed to prevent people from avoiding inheritance and estate taxes by giving away property before death.

In the United States, the federal government levied inheritance taxes during the Civil War period and again during the Spanish-American War; since 1916, however, a progressive estate tax has been imposed. The U.S. tax law of 1981 greatly reduced estate and gift taxes by raising exemptions (from $175,000 to $600,000) and lowering rates, and a 2001 law called for phasing out the federal estate tax by 2012, but that was reversed and the tax remained in place on estates worth more than $5.49 million (twice that for couples). Changes in 2017 doubled those thresholds for 2018–25.

inheritance tax

1. (in Britain) a tax introduced in 1986 to replace capital transfer tax, consisting of a percentage levied on that part of an inheritance exceeding a specified allowance, and scaled charges on gifts made within seven years of death
2. (in the US) a state tax imposed on an inheritance according to its size and the relationship of the beneficiary to the deceased
References in periodicals archive ?
Ultimately there is little to choose between the two main contenders but slight preference is for Death Duty who has yet to be properly tested as a chaser.
c) An adjustment is made to the valuation of certain assets, notably life insurance policies and consumer durables, to allow for the difference between the basis on which the assets are valued for death duty purposes, and the market valuation appropriate to a wealth estimate.
However, Elliott said yesterday: "We were going to run Death Duty at Limerick but we changed plans and decided to give him a shot at the Grade 1 instead.
The Mullins-trained Rathvinden, no match for Death Duty in the Drinmore at Fairyhouse last time, but a four-time winner over fences, holds engagements in the novice events at both Leopardstown and Limerick.
Limit for death duty is set to be frozen at pounds 325,000
Death Duty writer and director Steven Rainbow at the Primitivo restaurant; Steven Rainbow, director; Rupinder Sagoo, Primitivo; Colin Beasley, Grafton Gate; Pritpal Sagoo, owner of Primitivo; Phil Silk, Grafton Gate; Gemma Kennedy, Grafton Gate; and Henry Angel James, Grafton Gate; Phil Silk, Grafton Gate; Steven Rainbow, director; Colin Beasley, Grafton Gate; and Henry Angel James, Grafton Gate
All three were owned by Michael O'Leary's omnipotent Gigginstown House Stud firm, with Jack Kennnedy enjoying a Grade 1 double on the hurdlers and Davy Russell guiding Death Duty to success.
Davy Russell guided Death Duty to an emphatic win over Rathvinden in the Bar One Racing Drinmore Novice Chase, retaining his unbeaten record over fences.
Jack Kennedy rode Mengli Khan (Royal Bond Novice Hurdle) and Apple's Jade (Hatton's Grade Hurdle) to victory before Davy Russell completed the top-level treble aboard Death Duty, like his stablemates carrying the colours of Ryanair boss Michael O'Leary, in the Drinmore Novice Chase.
35 Fairyhouse 2m4f Grade 1 ATR VVCARD, page 45 THE exciting Death Duty, winner of both his starts over fences, heads Gordon Elliott's team as the trainer bids to win this Grade 1 for the fourth time.
I get that Death Duty has an uncannily similar profile to Don Cossack, who won this race in 2013 before going on to land the Cheltenham Gold Cup, but he has failed his sternest tests to date.
POPULAR CHOICE Both Bouverie and Newsboy fancy Death Duty in tomorrow's 2.