inheritance tax
Definition
Levy payable by the individual inheritor(s) of wealth (assets) received after the death of the original owner. It is usually computed inversely according to the nearness of the familial relationship of the heir to the deceased: the closer the relationship the higher the tax. Inheritance tax is generally covered under 'capital transfer taxes,' and one of its objectives is a greater distribution of wealth in a society.
inheritance tax is in the Corporate, Commercial, & General Law and Economics, Politics, & Society subjects.
inheritance tax appears in the definitions of the following terms: estate tax, death taxes, gift and probate price
This content can be found on the following page:
http://www.businessdictionary.com/definition/inheritance-tax.html
email to a friend print this definition cite this definition