Inheritance tax (discontinued), 2002

The Inheritance Tax Act distinguishes between inheritance and gifts from parents and children and inheritance and gifts from others. In 2002, 70 per cent of the inheritors received inheritance and gifts from parents or children. Among the youngest and oldest inheritors it is more common to receive inheritance and gifts from other than parents and children.

Basis for inheritance tax: Inheritance and gifts

Taxable inheritance amounted to slightly more than NOK 11 billion in 2002. This is an 8 per cent increase compared with the previous year. Each inheritor received an average of NOK 573 000.

In comparison, taxable gifts amounted to slightly more than NOK 4 billion, more or less the same as the previous year. Each inheritor received an average of almost NOK 570 000.

One in eight inheritors received an inheritance of NOK 1 million or more. This group received an average of NOK 1.7 million each and paid NOK 250 000 in inheritance tax.

Inheritance tax

Inheritance and gifts generated NOK 1.3 billion in taxes in 2002. This is an increase of 7 per cent compared with the previous year. Every inheritor pays an average of NOK 50 000 in tax, while recipients of gifts pay an average of NOK 44 000. Tax on gifts makes up roughly 25 per cent of total inheritance tax.

About the statistics basis

The statistics presents figures for both possession date and decision date. Possession date is the date on which the inheritor takes possession of the inheritance/gift, and decision date is the date the tax collector decides on the amount of tax to be paid. The statistics does not cover estates in which the tax basis is under the tax-free amount or public administrated estates.

As of 1 January 2003 the tax-free amount has been changed to NOK 250 000.

Tables:

• Table 1 Number of recipients of taxable inheritance and gifts, tax basis and total inheritance tax, by possession date. The whole country. 2000-2002. NOK million
• Table 2 Number of recipients of taxable inheritance and gifts, total tax basis and total inheritance tax, by decision date. The whole country. 2001-2003. NOK million
• Table 3 Number of recipients of taxable inheritance and gifts according to size of respectively inheritance and gifts. Possession date. The whole country. 2000-2002.
• Table 4 Number of recipients of taxable inheritance and gifts according to age and average taxable inheritance and gifts. Possession date. The whole country. 2002