From UK to Japan, countries that levy inheritance tax

By Keshav Singh Chundawat

Published Apr 24, 2024

CNBC-TV18

In US, inheritance tax is charged by only six states–Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania (USA Today)

The rate of tax determined by the state where the deceased lived ranges between 1% and 20%.

In UK, it is applicable only to part of the assets above a set threshold of £325,000 (nearly ₹3.36 crore).

Among the OECD members, Japan has the highest rate of this tax--between 10% and 55%--with slabs ranging from 10 million yen to over 600 million yen. (Source: English Lawyers Japan website)

South Korea levies an inheritance tax as high as 50% and could hike the upper limit to 60%, as per WSJ.

In Spain, the inheritance tax is levied, ranging from 7.65% to 34%.

In France, the inheritance tax ranges from 5% to 45%. (Source: Harrison Brook.Fr)

Ireland levies a standard inheritance tax of 33%.

The inheritance tax rate in Belgium ranges from 3% to 30%.

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