estate duty


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estate duty

a tax formerly levied on the value of property passing on a person's death. Estate duty was abolished in the UK in respect of deaths occurring after 12 March 1975, being replaced by Capital Transfer Tax (now INHERITANCE TAX).
References in periodicals archive ?
Yet there was bipartisanship in 1974 when the Whitlam Labor Government introduced a major concession to surviving spouses in the assessment of estate duty, and in 1976 when the Fraser Coalition Government increased the concession.
The treatment for inheritance tax and estate duty is less straightforward.
As the name suggests, its early years were spent on estate duty as a station wagon being the mode of transport used for carrying staff and guests to and from the action during the grouse shooting season - a duty which also qualified the car for shooting brake status.
As the name suggests, its early years were spent on estate duty as a station wagon being the mode of transport for carrying staff and guests to and from the action during the grouse shooting season - a duty which also qualified the car for shooting brake status.
Our successive regimes-military and civilian alike-eliminated progressive taxes like Estate Duty, Gift Tax, Capital Gain and Wealth Tax, which were essentially taxes on the rich.
This is in addition to estate duty, which may be payable on the net value of the estate of the deceased.
There is no VAT on a property purchase and no capital gains tax or estate duty to be paid in Gi braltar.
It was no joke inheriting a house and estate in 1948 with inheritance tax and estate duty sucking out pounds 3 of every pounds 4 from the business.
Last year, the National Galleries of Scotland scored a notable triumph with the acquisition, partly in lieu of estate duty, of the Duke of Sutherland's Venus Anadyomene by Titian.
In 1984, we cut estate duty from a maximum of 60 per cent to between 5 per cent and 10 per cent, depending on the value of the estate.