| 单词 | inheritance tax |
| 释义 | inheritance tax = IHT A tax introduced in the Budget of 1986 to replace capital transfer tax (which in turn replaced estate duty). Inheritance tax is chargeable on the death of an individual domiciled in the UK on all property, wherever it is situated. It is also charged on potentially exempt transfers made within seven years of death. A non-UK domiciled individual is charged on death to inheritance tax on all UK property. Inheritance tax arises on lifetime chargeable transfers at a lifetime rate, which is half the death rate of inheritance tax (see also exempt transfers). In 2004 the threshold at which inheritance tax takes effect was set at £263,000. No tax is payable if the cumulative total of all chargeable transfers is less than the threshold. Above this amount, tax is payable on the excess at a single rate of 40%. |
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