What is Inheritance Tax?
Politically, this is one of the most contentious of taxes. Also known as 'estate tax' this is a form of taxation imposed upon the transfer of assets and property of a deceased person to their relatives, friends or even an organization..
Some countries do not levy the tax against assets left to a spouse or charity, but many do.
Inheritance Tax Perspectives
Two sides of the arguement:
- Inheritance tax not a death tax, but simply a tax on a transfer of wealth
- Inheritance tax is double taxation: taxation on assets which have been taxed already (eg, via earned income).
There is a wealth of information on the internet about inheritance tax, for example at Inheritance Tax World.