inheritance tax
Bequest government charge
An inheritance tax is a tax levied on the assets a person receives from a deceased individual's estate.
Unlike an estate tax, which is calculated on the total value of the deceased's holdings before distribution, an inheritance tax is based on what each beneficiary actually receives and is paid by the recipient rather than the estate.
The rate often depends on the relationship between the deceased and the heir, with closer relatives typically paying lower rates or being exempt entirely.
Will validation proceedings
- executorAppointed estate manager
- beneficiaryDesignated asset receiver
- willFaculty of deliberate choice
- testamentWritten proof or legacy
bequest · trust · estate planning · decedent · valuation · threshold · exemption · legacy
Designated asset receiver
- heirOne who receives legacy
- descendantPerson from earlier generations
- successionFollowing in order
- lineageDescent from progenitors
next of kin · primogeniture · inherit · birthright · heir apparent · progeny · patrimony · devisee
Shifting assets across society
- progressive taxLevy increasing with income
- revenueBusiness income total
- governmentAuthority over a state
- taxationCompulsory government revenue collection
tax brackets · tax code · tax policy · exemption · loophole · reform · avoidance · evasion
Required moral task
- assessmentFormal evaluation of worth
- rateMeasured speed or charge
- collectionGathered set of items
- liabilityLegal or financial obligation
charge · surcharge · withholding · filing · return · payment · deadline · penalty
probate
Will validation proceedings
- executorAppointed estate manager
- beneficiaryDesignated asset receiver
- willFaculty of deliberate choice
testament · bequest · trust · estate planning · decedent · valuation · threshold · exemption · legacy · intestate
beneficiary
Designated asset receiver
- heirOne who receives legacy
- descendantPerson from earlier generations
- successionFollowing in order
lineage · next of kin · primogeniture · inherit · birthright · heir apparent · progeny · patrimony · devisee · bloodline
wealth redistribution
Shifting assets across society
- progressive taxLevy increasing with income
- revenueBusiness income total
- governmentAuthority over a state
taxation · tax brackets · tax code · tax policy · exemption · loophole · reform · avoidance · evasion · fairness
duty
Required moral task
- assessmentFormal evaluation of worth
- rateMeasured speed or charge
- collectionGathered set of items
liability · charge · surcharge · withholding · filing · return · payment · deadline · penalty · deferral
- UK taxesVAT, income tax, council tax, corporation tax, capital gains tax
- ancient taxesannona, munera, poll tax, head tax, land tax
- estate taxesestate tax, death tax, death duty, death duties, transfer tax
- taxessales tax, income tax, estate tax, excise tax, corporate tax
- chargesfees, surcharges, levies, service charges, service fees
- taxationtax, income tax, sales tax, tax return, tax refund
inheritance taxincome tax
Government charge on earnings
wage tax · payroll tax · sales tax · consumption tax · VAT
heritage, inheritance, inherited, heiress, hereditary, inheritor, inheriting, inherits, disinherit