Legal Definitions - succession tax

A succession tax is a type of tax that is imposed on the transfer of property or assets from a deceased person to their heirs or beneficiaries. It is also known as an inheritance tax.

For example, if a person passes away and leaves behind a large estate, their heirs may be required to pay a succession tax on the value of the assets they inherit. The amount of tax owed will depend on the value of the estate and the tax laws in the jurisdiction where the deceased person lived.

Succession taxes are a way for governments to generate revenue and can be used to fund public services and programs. However, they can also be controversial, as some people argue that they unfairly penalize individuals who have worked hard to accumulate wealth and want to pass it on to their loved ones.