2007-03-05 02:40:50 · 3 answers · asked by crystal c 1 in Business & Finance ➔ Taxes ➔ Australia
Not in any form that you imagine... the "inheritance tax" was abolished in 1979. Of course if you inherit property you are deemed to have acquired at the property on the day the benefactor died and if you sell it, capital gains may apply. There are certain excptions and conditions particularly with joint tennants but apart from the intracacies of CGT ....... no you wont have any worries of a generic inheritance tax.
2007-03-05 20:13:37 · answer #1 · answered by magpiez 5 · 1⤊ 0⤋
Yes in the UK. If the amount is over the threshold of £260,000 the tax is 40% which is disgusting as your friend or relly worked all their life for it. If you friend or relative is still alive the percent you owe decreases year after year until after 7 years you get away with it. I'm in the same situation and this is only what my parents have told me. Good luck.
2007-03-05 10:56:27 · answer #2 · answered by neilagnew77 1 · 0⤊ 1⤋
Don't know anything about the laws in your country. Sorry!
2007-03-05 10:45:38 · answer #3 · answered by peach 6 · 0⤊ 2⤋