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Legal Definitions - death duty
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Definition of death duty
Definition: Death duty refers to a tax that is imposed on the estate of a deceased person. It is also known as an estate tax.
Example: When a wealthy person dies, their estate may be subject to death duty. For example, if a person's estate is worth $10 million and the death duty rate is 40%, then $4 million would need to be paid in death duty.
This example illustrates how death duty is a tax that is imposed on the estate of a deceased person. The amount of tax owed is based on the value of the estate and the applicable tax rate.
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Simple Definition
Death duty: A tax that is imposed by the government on the property or assets of a person who has died. This tax is also known as an estate tax. Taxes are charges that the government collects from people, businesses, or property to raise money for public needs. Death duty is a type of tax that is paid when someone dies and their property is passed on to their heirs or beneficiaries.
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