inheritance tax

English - Turkish

Definition of inheritance tax in English Turkish dictionary: veraset vergisi; intikal vergisi; verasat ve intikal vergisi,veraset vergisi
inheritance and gift tax: (Ticaret) veraset ve intikal vergisi
inheritance and transfer tax: veraset ve intikal vergisi
ınheritance tax: veraset vergisi

English - English

Definition of inheritance tax in English English dictionary: A tax based on the value of the property of a deceased person, and charged on the beneficiaries of the estate; A tax levied by states on inherited property and paid by the person receiving the property; tax levied on an inheritance; charge for executing a will; Any estate tax that is levied by a state or local government upon those who inherit specific property as opposed to an estate in total; IHT is a tax on chargeable transfers made by an individual during his or her lifetime, and on the value of the death estate IHT is also chargeable in respect of certain events relating to settlements without an 'interest in possession' (e g gifts to discretionary trusts) A 'chargeable transfer' is a 'transfer of value' made by an individual, which is not an exempt transfer IHT is payable by domiciled individuals on chargeable worldwide property, and by non-UK domiciled individuals in respect of chargeable UK property Many gifts are completely IHT exempt, and some lifetime and death transfers are also exempt Most lifetime gifts are 'potentially exempt transfers' which are only subject to IHT if the donor dies within 7 years after making them A cumulative total is kept of chargeable lifetime transfers, and no tax is payable on lifetime gifts or the death estate until a threshold (the 'nil rate band') is exceeded; A tax levied by the county of residence of a person who inherits The rate of taxation depends on the size of the inheritance and the relationship between the person who inherits and the deceased; Inheritance tax is charged on transfers in your lifetime or on your estate at your death at a rate of 40% if over £231,000 in value; a tax on the estate of the deceased person; a tax, based on property value, imposed in some states on those who acquire property from a decedent Compare estate tax; A tax payable on your assets when you die No inheritance tax is payable if your total assets, including your home, are worth less than £231,000 This figure changed in the March 2000 Budget to £234,000 If your assets are worth more than £234,000, 40% tax is payable on the excess over £234,000 Some lifetime gifts may be liable to inheritance tax, although gifts you make to another individual are free of inheritance tax if you do not die within seven years of making the gift; Tax imposed by some states on the amount received by a particular heir or beneficiary Maryland still has an inheritance tax; Virginia and the District of Columbia do not; An assessment payable to a level of government based on the value of assets inherited; Inheritance Tax (IHT) is the tax your estate pays when you die although it can also be charged on certain lifetime gifts; An inheritance tax is a tax which has to be paid on the money and property of someone who has died. A tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received. Also called death tax. a tax that you have to pay when you receive money or property from someone who has died. Levy on the property accruing to each beneficiary of the estate of a deceased person. Inheritance tax may be more difficult to administer than estate tax because the value passing to each beneficiary must be fixed, and this often requires complex actuarial calculations. Inheritance taxes date back to the Roman Empire. In the U.S. inheritance taxes have always been collected by the individual states, while the federal government has imposed an estate tax. The first state inheritance tax was imposed by Pennsylvania in 1826; A tax on the right to receive property by inheritance; to be distinguished from an estate tax; Tax payable on your estate when you die and possibly on certain gifts during lifetime if in excess of the nil rate band £7,700 (Tax year 2002/2003); Inheritance Tax (IHT) is, essentially, a tax levied on any transfer of assets to other people or trusts It is most commonly paid in respect of an individual’s estate on death, but it can also apply in respect of certain transfers of assets during life; Tax payable on your estate when you die and possibly on certain gifts during lifetime if in excess of the nil rate band £7,700 this is based on the rate for the tax year 2002/2003; A tax on the inheritance of property of a person who has died; A tax on the transfer of property from a deceased person; based on the right to acquire the property rather than the property itself; This tax is payable at the time of death, on any items (money or otherwise) where ownership changes on death or within 7 years before There is no inheritance tax on the first portion of the deceased person's estate and transfers between husband and wife are exempt There are other exemptions and the rules governing these can be complex; State tax based on the value of property received through inheritance (Tax is in the US and in England ); A tax on the transfer of property from a deceased person: based on the right to acquire the property rather than the property itself; A tax on the right of an heir to receive property at the death of another; Any death tax that is levied by a non-federal government (e g a state) upon the takers of the property as opposed to the estate as a whole (See Estate Tax); A tax that may be payable on the value of your estate after your death Bequests to charities are normally exempt from Inheritance Tax; A state tax on property that an heir or beneficiary under a will receives from a deceased person's estate The heir or beneficiary pays this tax; The tax payable on death which is based on the value of the assets belonging to the deceased PROBATE, WILLS & TAX; This is a tax which may be payable on the value of your property in your estate when you die and also on the value of gifts you have made during your lifetime (although there are exemptions and allowances) This tax was formerly known as 'death duties' or 'capital transfer tax' If you want to leave money to charity when you die, a Will is essential - and might save you tax!; iht