Inheritance tax

From Simple English Wikipedia, the free encyclopedia

Inheritance tax is a tax paid by a person who inherits money or property of a person who has died. Estate tax is a levy on the estate (money and property) of a person who has died - paid before anyone inherits it. Both are sometimes called death duty.

The rules are different in every country, and they are often changed. Some countries have stopped these taxes, and some have started them again.

Governments can collect a lot of money this way. In 2020-21 the British government got £5.76 billion from it.[1]

References[change | change source]

  1. Agyemang, Emma (2023-07-26). "UK government receives record £5.76bn in inheritance tax". Financial Times. Retrieved 2023-07-26.