Definition of «death duties»

The phrase "death duties" refers to taxes that are levied on an individual's estate upon their death. These taxes are typically based on the value of the estate and can include inheritance taxes, estate taxes, and other fees associated with the administration of an estate. The concept of death duties is also known as "inheritance tax" or "estate tax" depending on the jurisdiction.

Sentences with «death duties»

Mr Osborne told the party faithful in 2007 when he announced the policy that the inheritance tax change would benefit nine million families and ensure «only millionaires pay death duties». (telegraph.co.uk)
The main vehicles for adding to core collections are through the generosity of the Art Fund, and the Acceptance in Lieu (AiL) scheme, which offsets the transfer of art into public ownership against death duties. (apollo-magazine.com)
Ironically, when Turk's career as a YBA was taking off and his Sid Vicious figure was the talk of the town, Warhol's catalogue was in decline (partly precipitated by the Warhol foundation desperately undervaluing his work to avoid onerous death duties). (theguardian.com)
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