| 单词 | inheritance tax |
| 释义 | inheritance tax inheritance tax a tax on property passing on death. Formerly known as estate duty, then as capital transfer tax, it became inheritance tax by the Finance Act 1986, which retrospectively allowed the Capital Transfer Tax Act 1984 to be renamed the Inheritance Tax Act 1984. The tax applies to individuals. It is charged on the value transferred on property held at death. There are exceptions (the most significant being gifts between husband and wife and those to certain national institutions) and reliefs. Certain property is also excluded (the most significant being agricultural property). |
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