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death duty

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.02 sec.

death duty

Tax charged on a person's property after their death, also known as inheritance tax.



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You pay death duty on your death and your family pay inheritance tax on your estate.
Such as the abolition of many of the tax benefits which helped a lot of people during many economic downturns over the last 50 years, for example his raid on the company pension tax relief nine years ago; the abolition of the married man's allowance; the mortgage interest relief which helped and encouraged home buying; the stamp duty fiasco and the death duty taxes.
They put the pounds 700,000 home in a children's trust to avoid death duty and continued to claim unaware it was against the rules, a Commons standards and privileges committee found.
 
 
 
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