Inheritance tax

Inheritance tax is a tax on wealth or property transferred to beneficiaries after someone’s death, usually calculated from the amount each beneficiary receives.

Taxable estate: The portion of a deceased person’s property included when calculating death-related taxes. Its valuation and deductions establish the pool from which inheritance-tax liabilities may be calculated.
Estate tax: A tax imposed on a deceased person’s estate before its assets are distributed to beneficiaries. Unlike inheritance tax, estate tax is generally assessed on the estate rather than each recipient’s share.
Spousal exemption: A tax rule exempting certain transfers between spouses from tax. Some jurisdictions exempt inheritances received by a surviving spouse.
Wealth inequality: The unequal distribution of assets among individuals or households. Taxing inherited wealth can influence how strongly family fortunes persist across generations.
Tax threshold: A specified amount above or below which a tax obligation or rate changes. Inheritance tax is often charged only on receipts exceeding a statutory threshold.
Gift tax: A tax on property transferred without full payment while the giver is alive. It concerns lifetime transfers, which some tax systems connect to inheritance-tax rules.
Charitable deduction: A reduction in taxable income or estate value for qualifying charitable gifts. Charitable bequests may reduce the amount subject to inheritance-related taxation.
Intergenerational wealth transfer: The movement of assets from one generation to another through gifts or inheritance. Inheritance tax directly affects the value transferred between generations.
Tax exemption: A legal rule that excludes specified people, property, or transactions from taxation. Exemptions can remove particular inheritances from the tax base.
Capital gains tax: A tax on profit realized from selling or disposing of an asset. A beneficiary may owe it on a later sale, separate from tax on receiving an inheritance.

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