inheritance tax
noun

tax payable on wealth or property worth above a certain amount and inherited after the death of someone. The current threshold is £285,000, and the estate is liable for 40 per cent tax on the excess amount.

Abbreviation IHT
Also called death duty
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Inland Revenue
business property relief
capital transfer tax
estate duty
chargeable transfer
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precious metals
irrecoverable debt
gold exchange standard
currency overvaluation
month