Death duties

Tax Glossary Definition

Death duties

Death Duties – Death duties, also known as inheritance or estate taxes, are levies imposed on the transfer of a deceased person’s assets, property, or wealth to their heirs or beneficiaries. These taxes are typically paid out of the estate before the distribution of assets.

Example: When an individual dies, their estate may first be assessed for death duties before any inheritance is passed on to the beneficiaries.

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