- = IHTA 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 transfers made within seven years of death. A non-UK domiciled individual is charged on death to inheritance tax on all UK property. Inheritance tax arises on lifetime chargeable transfers at a lifetime rate, which is half the death rate of inheritance tax ( exempt transfers). In 2005 the threshold at which inheritance tax takes effect was set at £275,000 for 2005–06, £285,000 for 2006–07, and £300,000 for 2007–08. No tax is payable if the cumulative total of all chargeable transfers is less than the threshold. Above this amount, tax is payable on the excess at a single rate of 40%.
Accounting dictionary. 2014.
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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. In international tax law, there is a distinction between an… … Wikipedia
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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
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