Inheritance Tax Around the World

I n h e r i t a n c e Ta x

Around the World

by Dr Edgar Paltzer

WHEN A PERSON DIES AND THEIR ESTATE IS SHARED AMONG BENEFICIARIES, THERE MAY BE AN INHERITANCE TAX BILL TO PAY.

The laws on this are different in each country and jurisdiction. Some countries have no inheritance tax, while others demand that a significant portion of the assets to be distributed goes to the government.

Inheritance Tax Based on Beneficiaries

Inheritance Tax Over a Threshold

No Inheritance Tax

Many countries, including the UK, the US, Spain, France and Italy, set a threshold for inheritance tax. This means that tax is paid only on assets over a certain value. The threshold varies quite significantly between different countries.

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Some countries only charge inheritance tax to certain beneficiaries and not to others.

For example, in Canada, if an estate is left to a surviving souse there is no tax bill, but any other beneficiaries are required to pay capital gains tax or income tax on their inheritance.

There are several countries in the world that do not charge any form of tax on the estate of a deceased person. These include Australia, New Zealand, Mexico, Hong Kong and Singapore, among others.

There are several countries in the world that do not charge any form of tax on the estate of a deceased person.

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You can learn more about handling an estate after death by visiting the blog of Dr Edgar Paltzer.