Quote:
Originally Posted by thinkpadx
I've never understood that particular tax. The tax on the money has already been paid once. Makes no sense at all for it to be taxed again  |
Death duties (aka inheritance tax) are a standard part of the tax system here in the UK. The first £325,000 (about $500k) of the value of an estate is tax free; the remainder is taxed at 40%. The average value of a British house is currently about £200,000, so the majority of people pay no death duty.
Am I to understand that no such tax exists in the US?