Inheritance Tax
Tax levied on assets received from a deceased person.
Inheritance tax (also called estate tax or death duty) is levied when assets are transferred from a deceased person to their heirs. Some countries tax the estate itself (estate tax), while others tax the recipient (inheritance tax). Rates and exemptions vary widely. Many countries provide significant exemptions for spouses and direct descendants. Several jurisdictions, including Australia, Canada, and Singapore, have no inheritance tax.