Inheritance tax
Compiled by Birger Nordmark, president past,
Stockholm October 5, 2004.
As the groupleader of the I.A.C. working group for the Inheritance
Tax I have the pleasure to present a summary of the results and
findings from the group. We tried to collect information with regard
to the complicated Inheritance Tax situation from all the I.A.C.
member countries and further from some other interesting European
coun- tries not yet members of the I.A.C.
Inheritance Tax is a form of tax levied upon the bequest that a
person may make in their will to a living person or organisation. If
a bequest is made to a charitable organisation, most countries do
not apply the tax.
I will start the summary with some words regarding the history of
the Inheritance Tax in the United Kingdom which I found interesting.
This tax was first introduced in U.K. as a tax on estates in England
and Wales over a certain value from 1796, then called legacy,
succession and estate duties. By 1857 estates worth over £ 20 were
taxable but duty was rarely collected on estates valued under £
1,500. Estate duty was replaced in 1975 by Capital Transfer Tax,
which was replaced by Inheritance Tax so late as in 1986.
Back to the present situation in Europe.
