Inheritance tax, also known as estate tax or succession duty, is a levy laid on the property and money that an individual leaves behind.
Japan collects up to 55% inheritance tax and is the only country among OECD members to impose the tax. Slabs range from 10 mn yen to over 600 mn yen
South Korea collects up to 50% inheritance tax and as per Wall Street Journal could hike the upper limit to 60%
The inheritance tax in France ranges from 5% to 45%. Those with one child are taxed 50%, 66% for 2 children and 75% for over 2 kids
United Kingdom collects 40% inheritance tax and is applicable only to part of the assets above €325,000 threshold
The marginal inheritance and gift tax rates are 10% for spouses, parents and children, 20% for close relatives & 40% for others
Spain's inheritance tax that is levied ranges from 7.65% to 34%
The standard rate for inheritance tax in Ireland in 2024 is 33%
The inheritance tax rate in Belgium ranges from 3% to 30%
Some states in USA including Iowa, Maryland, New Jersey, Kentucky, Pennsylvania and Nebraska imposes the tax. Tax rate ranges between 1-20%
Italy levies 3% of the total estate value and 4% of the value exceeding €1 million