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death duties
death duties. Death is considered to be a ‘taxable event’. The taxation of inheritance (on the acquisition of property from a person who has died) provided a source of government revenue in Roman times. A death tax was introduced in Britain in 1694 but the modern framework dates from 1779–80. Since 1894, when Sir William Harcourt introduced a new system in the teeth of fierce opposition, death duties have mainly been in the form of estate duties (on property left at death), although for a period from 1975 they were replaced by capital transfer tax which applied to transfers of property at any time, including death. Death duties differ from property taxation in that there is only one assessment. Normally some portion or types of assets or bequests are exempt from taxation. It is for this reason that death duties tend to be relatively complicated and seldom either provide a good source of revenue or bring about significant wealth redistribution.
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Cite this article
JOHN CANNON. "death duties." The Oxford Companion to British History. 2002. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. JOHN CANNON. "death duties." The Oxford Companion to British History. 2002. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O110-deathduties.html JOHN CANNON. "death duties." The Oxford Companion to British History. 2002. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O110-deathduties.html |
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death duties
death duties The taxation of inheritance provided a source of government revenue in Roman times. A death tax was introduced in Britain in 1694 but the modern framework dates from 1779–80. Since 1894, when Sir William Harcourt introduced a new system in the teeth of fierce opposition, death duties have mainly been in the form of estate duties (on property left at death).
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Cite this article
JOHN CANNON. "death duties." A Dictionary of British History. 2004. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. JOHN CANNON. "death duties." A Dictionary of British History. 2004. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O43-deathduties.html JOHN CANNON. "death duties." A Dictionary of British History. 2004. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O43-deathduties.html |
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