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English definition of “inheritance tax”

inheritance tax

noun [C or U]     mainly UK ( abbreviation IHT, UK also death duty, US estate tax) TAX, PROPERTY
a tax paid on the value of the property, money, and other assets of someone who has died: If you are a UK resident, you are liable to inheritance tax on your assets worldwide. The proposals are intended to block inheritance tax avoidance schemes. to avoid/escape/reduce inheritance tax → See also death tax
(Definition of inheritance tax noun from the Cambridge Business English Dictionary © Cambridge University Press)
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