What is Inheritance tax?
'''Inheritance tax''' is a tax paid by a person who [[Inheritance|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. It many places it is easy to avoid them. Although not many people have to pay inheritance taxes they are very unpopular. There were inheritance taxes in the [[Roman Empire|Roman empire]]. In 1976 the US estate tax top rate was 70% and more than 7% of people who inherited had to pay it. In 2019 only 0.07% had to pay it because it now only hits people who inherit more than $13.61 million. <ref>{{Cite web|title=Should governments tax the great boomer wealth transfer?|url=https://www.ft.com/content/a883fd3b-64de-437a-8fcf-9a64f47e9011|access-date=2024-04-15|website=www.ft.com}}</ref> Governments can collect a lot of money this way. In 2020-21 the British government got £5.76 billion from it.<ref>{{Cite news|last=Agyemang|first=Emma|date=2023-07-26|title=UK government receives record £5.76bn in inheritance tax|work=Financial Times|url=https://www.ft.com/content/0739cbcb-2e0f-4465-9669-df88e5ddaa63|access-date=2023-07-26}}</ref> ==References== {{reflist}} [[Category:Taxation]] [[Category:Death]]