An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died.^[1] In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the "inheritance tax" in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax.

In some jurisdictions the term used is death duty. For historical reasons that term is used colloquially (though not legally) in the United Kingdom and some Commonwealth nations.

Varieties of inheritance and estate taxes[link]

• Belgium, droits de succession or successierechten (Inheritance tax). Collected at the federal level but distributed to the regional level.
• Bermuda: stamp duty
• Czech Republic: daň dědická (Inheritance tax)
• Finland: perintövero (Finnish) or arvskatt (Swedish) (Inheritance tax)
• France: droits de succession (Inheritance tax)
• Germany: Erbschaftssteuer (Inheritance tax)
• Ireland: Inheritance tax (Cáin Oidhreachta)
• Italy: tassa di successione (Inheritance tax). Abolished in 2001.,^[2] and reestablished in 2006. €1,000,000 exemption on a bequest to a spouse or child, and a maximum rate of 8%.^[3][4]
• The Netherlands: Successierecht (Inheritance tax)
• Norway: arveavgift (inheritance and gift tax). Smaller bequests are exempt. Bequests larger than a certain value are taxed from 6% to 15%, depending on the status of the beneficiary and the size of the taxable amount. See Taxation in Norway.
• Switzerland has no national inheritance tax. Some cantons impose estate taxes or inheritance taxes.
• United Kingdom: see Inheritance Tax (United Kingdom) (actually an estate tax)
• United States: see Estate tax in the United States

Some jurisdictions formerly had estate or inheritance taxes, but have abolished them:

• Australia abolished the federal estate tax in 1979.^[5]
• Austria abolished the Erbschaftssteuer in 2008. This tax had some of the features of the gift tax, which was abolished at the same time.^[6]
• Canada: abolished inheritance tax in 1972.
• Hong Kong: abolished estate duty in 2006 for all deaths occurring on or after 11 February 2006. (See Estate Duty Ordinance Cap.111)
• India: had an estate tax from 1953 to 1985.^[7]
• Israel: abolished inheritance tax in 1981.
• Louisiana: abolished inheritance tax in 2008, for deaths occurring on or after July 1, 2004.^[8]
• New Hampshire: abolished state inheritance tax in 2003; abolished surcharge on Federal estate tax in 2005.^[9]
• New Zealand abolished estate duty in 1992.
• Russia abolished inheritance tax in 2006.
• Singapore: abolished estate tax in 2008, for deaths occurring on or after 15 Feb 2008.^[10][11]
• Sweden: abolished inheritance tax in 2005.^[12]
• Utah: abolished inheritance tax in 2005.^[13]

Some states of the United States impose inheritance or estate taxes (see Inheritance tax at the state level):

• Indiana^{[citation needed]}
• Iowa: Inheritance is exempt if passed to a surviving spouse, parents, or grandparents, or to children, grandchildren,or other "lineal" descendants. Other recipients are subject to inheritance tax, with rates varying depending on the relationship of the recipient to the deceased.^[14]
• Kentucky: The inheritance tax is a tax on a beneficiary's right to receive property from a decedent's estate. It is imposed as a percentage of the amount transferred to the beneficiary. Transfers to "Class A" relatives (spouses, parents, children, grandchildren, and siblings) are exempt. Transfers to "Class B" relatives (nieces, nephews, daughters-in-law, sons-in-law, aunts, uncles, and great-grandchildren) are taxable. Transfers to "Class C" recipients (all other persons) are taxable at a higher rate.^[15] Kentucky imposes an estate tax in addition to its inheritance tax.^[15]
• Maryland^{[citation needed]}
• Nebraska^{[citation needed]}
• New Jersey^{[citation needed]}
• Oklahoma^{[citation needed]}
• Pennsylvania: Inheritance tax is a flat tax on the value of the decedent's taxable estate as of the date of death, less allowable funeral and administrative expenses and debts of the decedent. Pennsylvania does not allow the six month after date of death alternate valuation method that is available at the federal level. Transfers to spouses exempt. Transfers to grandparents, parents, or lineal descendants are taxed at 4.5%. Transfers to siblings are taxed at 12%. Transfers to any other persons are taxed at 15%. Some assets are exempted, including life insurance proceeds. The inheritance tax is imposed on both residents and nonresidents who owned real estate and tangible personal property in Pennsylvania at the time of their death. The Pennsylvania Inheritance Tax Return (Form Rev-1500) must be filed within nine (9) months of the date of death.^[16]
• Tennessee:^[17]

Other taxation applied to inheritance[link]

In some jurisdictions, when assets are transferred by inheritance, any unrealized increase in the value of those assets is subject to capital gains tax, payable immediately. This applies in Canada, which has no inheritance tax. (see Taxation in Canada)

Where a jurisdiction has both capital gains tax and inheritance tax, it is usual to exempt inheritances from capital gains tax.

In some jurisdictions death gives rise to the local equivalent of gift tax (see Austria, for example). This was the model in the United Kingdom during the period before the introduction of Inheritance Tax in 1986, where estates were charged to a form of gift tax called Capital Transfer Tax. Where a jurisdiction has both gift tax and inheritance tax, it is usual to exempt inheritances from gift tax. Also, it is common for inheritance taxes to share some features of gift taxes, by taxing some transfers which happen during the lifetime of the giver rather than on death. The United Kingdom, for example, subjects "lifetime chargeable transfers" (usually gifts to trusts) to inheritance tax.

Historical[link]

Ancient Rome[link]

No inheritance tax is recorded for the Roman Republic, despite abundant evidence for testamentary law, but one was levied by Rome's first emperor, Augustus, in the last decade of his reign.^[18] The 5 percent tax applied only to inheritances received through a will, and close relatives were exempt from paying it, including the deceased's grandparents, parents, children, grandchildren, and siblings.^[19] The question of whether a spouse was exempt is complicated: from the late Republic on, husbands and wives kept their own property scrupulously separate, since a Roman woman remained part of her birth family and not under the legal control of her husband.^[20] Roman social values regarding marital devotion probably exempted a spouse as well.^[21] Estates below a certain value were also exempt from the tax, according to one source,^[22] but other evidence indicates that this was true only in the early years of Trajan's reign.^[23] The revenues from the tax went into a fund to pay military retirement benefits (aerarium militare), along with those from a new sales tax (vicesima).^[24] The inheritance tax is extensively documented in sources pertaining to Roman law, inscriptions, and papyri.^[25] It was one of three major indirect taxes levied on Roman citizens in the provinces of the Empire.^[26]

This page is a modified disambiguation page, which distinguishes not just between pages which would otherwise have the same name, but also between similar legal concepts which have different names in different jurisdictions.

See also[link]

• Transfer tax
• Feudal relief

References[link]

This biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (May 2010)

The Basics
The Basics at the Oxford Art Factory, 2010
Background information
Origin	Melbourne, Australia
Genres	Rock
Years active	2002–present
Labels	Independent, Albert Records
Associated acts	Gotye, Down Hills Home, Dog With Wheels, Blood Red Bird
Website	The Basics Official Website
Members
Wally De Backer Kris Schroeder Tim Heath
Past members
Michael Hubbard
Notable instruments
Lead guitar, drums, bass guitar.

The Basics ( /ˈbæzɪtʃ/ BAZZ-ich) are a three-piece band from Melbourne, Australia, formed by Wally De Backer and Kris Schroeder in 2002. Their style has been described as anything from 'indie-pop' to 'rock'n'roll' to 'pop-rock', though their records show they span a wide range of genres, including reggae, ska, country, and electro-pop. They are "recognised as one of Australia's hardest-working bands".^[1]

With close to 1000 shows in their ten-year career, their live performances are well-known for their sense of humour and energy.^[2]

Formation[link]

The Basics were formed after Kris met Wally at a party in Melbourne.^[3] The event was to see off the young aspiring producer, who was about to depart for Los Angeles, and together with a number of musician friends, the two jammed on some blues-rock standards. Later that night, they bonded over a mutual love of The Beatles, 70s and 80s cartoon theme songs and old Sierra adventure games.

Initially, they played around Melbourne as an acoustic guitar/drums combo, starting at The Opposition in Frankston and the House of Fools in Footscray, where in late 2002 they met Michael Hubbard and later invited him to join them on electric guitar.^[4] Though lacking any real experience with the instrument, Kris willingly purchased his first bass guitar, and the trio was born. During this time, the group start performing songs with more complicated three-part harmony.

During late 2002 and early 2003, The Basics recorded and released an album called Get Back through MGM Distribution. They began what was to become regular tours of the East and West coasts of Australia.

2004-2005: Current lineup[link]

Tim Heath joined the group in June 2004, after Michael decided to pursue his solo career, which has included being one half of Down Hills Home.^[4] Tim was reportedly the only person to reply to an advertisement in Melbourne's Beat Magazine looking for a new guitarist. Tim apparently answered the advertisement - which said the applicant "must have a love of 50s and 60s rock'n'roll" - thinking that he would be meeting "a couple of old guys to play with on the weekends over some beers". They soon recorded For Girls Like You.

The Basics in 2005 continued to tour and play small festivals, and after releasing For Girls Like You through MGM Distribution, they departed for a national tour of Australia, which lasted for two months and took them to every Australian state and territory. Stuart Padbury, a young Melbourne sound engineer, joined them on much of this tour. On returning, the band began demonstrating songs for a new album.

2006-2009: Touring and soundtracks[link]

In 2006, The Basics began recording what was to become known as Stand Out/Fit In. Taking several months, it was not completed until the end of the year, despite intentions to have it released in June. Instead, they held a successful 'album preview', where each of the tracks was demonstrated in 'rough form' accompanied by a music video for each (produced by Melbourne photographic artist James Bryans). The band also talked about the origins of the songs. This event brought a lot of attention to the band for the idea's originality. They pre-released a radio single 'Just Hold On' from the album. The band were invited to play the hugely popular Homebake Festival in Sydney, where they received a great response, after being introduced onto the stage by a short stocky Asian guy with big calves ("one of the highlights" wrote The Daily Telegraph).

In 2007, the band departed on a tri-state residency which saw them play Melbourne, Sydney and Brisbane every week for the month of April - a bold move which brought further attention to the band for its original idea.^[5] Riding on the wave of this tour, Schroeder, De Backer and Heath departed on their first overseas tour which saw them performing 26 shows around Japan, Norway and the United Kingdom.^[6] They also toured twice more up the East Coast, one of which was with popular Japanese band The Bawdies. Their song 'Rattle My Chain' was used in a series of commercials for Volvo Australia. The song 'Hey There!' featured in the British film The Bank Job - starring Jason Statham - and was used as the backing for a February 2007 short film directed by Tim Longhurst called The Rip. Their song 'Better' was featured in a surfing documentary about the invention of the shortboard in 1967.

In 2008, the band appeared on Australia's Channel 9 for Australia Day celebrations, performing two of their songs - 'Just Hold On' and 'Hey There!' - to an estimated audience of 2 million. Securing an Australian Government grant, they embarked on a two-month tour of Australia, specifically targeting "culturally underprivileged groups" in rural and regional schoolchildren and Indigenous communities. The programme had them holding masterclasses and performing alongside Indigenous groups in the remote Northern Territory and Queensland.^[7][8] Their initiative also had them raising money for the charity Lifeline^{[disambiguation needed ]}, their contribution to which was recognised with a plaque at the end of the tour. Season two of Californication starring David Duchovny featured their cover of the classic 'Have Love, Will Travel', most famously covered by 'The Sonics'.

In 2009, The Basics for the first time enjoyed the support of Australian radio network Triple J, which had reportedly snubbed the band's previous material.^[9] The singles 'With This Ship' and 'Like A Brother' were added to the station's playlist, and momentum carried The Basics overseas for a second tour of the United Kingdom and Norway, and also a series of shows in Dublin, Ireland. They were joined by the longtime front-of-house engineer Stuart Padbury, who had been mixing them since 2005. The band was often seen in the Grafton Street Mall in Dublin, busking to promote their concerts there. Their second show in Oslo, Norway, saw the band perform with Hot Tub, one of the members of the Norwegian boy band "Boyzvoice", in his first performance for several years. Season Eight of Scrubs featured the song 'Lookin' Over My Shoulder'.

Despite all this promise, the band's album Keep Your Friends Close - produced and part-recorded by Peter Cobbin at London's Abbey Road Studios - though enjoying many favourable reviews,^{[10][11][12][13]} failed to impress Richard Kingsmill, music director of Triple J. This effectively ended the band's apparent upward spiral and the resulting album launch tour was reportedly "trying".

2010: Hiatus and live album[link]

In 2010, following the band's fourth stint at the Tamworth Country Music Festival, and the recording of a yet-unreleased live album, an indefinite hiatus was announced on the band's websites. This was in part due to the impending release of a new album produced by Wally for his Gotye project, and also to reported tensions within the band following the previous year's disappointments.

However, this hiatus was soon broken with a two-month residency at the Northcote Social Club in Melbourne, which saw an apparent return to form.^[14] The band's EP "Wait For You" enjoys airplay on Triple J.^[15] The Basics also played a one-off show at Sydney's Oxford Art Factory.^[16]

On 20 August 2010, The Basics released their fourth LP /ðəˈbæzɪtʃ/, available free and exclusively from their website for digital download^[17]. The band had reportedly moved to expand their listenership through this free giveaway, though 300 "Deluxe" CD/vinyl versions have been printed. /ðəˈbæzɪtʃ/ was recorded at the Northcote Social Club on 6 February, "in front of a live studio audience", and like the previous record, was mixed by Peter Cobbin at Abbey Road Studios. Technically a self-titled album, the phonetics spell out the accurate pronunciation of the band’s name. Kris Schroeder: "For years we’ve worked at bringing our live energy into the studio and thus far it’s been a bit hit-and-miss. Our trick this time was to pull a switcheroo and bring the studio to us instead; the result is the best and closest to us we’ve sounded yet."

Melbourne thespian and Dog With Wheels bassist David Bramble - friends with Heath from university days - has occasionally joined the band on tour, playing keys, often while sporting a large moustache. Other guests have included Jake Mason (saxophone), also of Cookin' on 3 Burners and The Bamboos^{[disambiguation needed ]}, Gideon Brazil (saxophone, flute), Simon Imrei (guitar and vocals) and Monty MacKenzie (saxophone).

Covers have often made an appearance from various sources: to date, some of the bands covered have been Cream, The Kinks, The Rolling Stones, The Police, Neil Young, Bob Dylan, New Kids on the Block, Richard Berry, Sonny Curtis and The Crickets, JJ Cale, Harry Nilsson, Bill Scott, Ryan Adams and The Coasters (via The Beatles for their cover of Three Cool Cats).

Members[link]

Current

• Wally De Backer - drums, vocals (2002-present)
• Kris Schroeder - bass, vocals (2002-present)
• Tim Heath - guitar, vocals (2004-present)

Former

• Michael Hubbard - guitar, vocals (2002-2004)

Discography[link]

Albums[link]

• Get Back (15 January 2004)
• Stand Out/Fit In (5 May 2007)
• Keep Your Friends Close (25 September 2009)
• /ðəˈbæzɪtʃ/ (20 August 2010)

EP[link]

• For Girls Like You (11 July 2005)
• Lookin' Over My Shoulder (10 February 2007)
• Like A Brother (5 June 2009)
• Wait For You (21 May 2010)

Singles[link]

• Call It Rhythm & Blues (20 August 2004)
• Just Hold On
• With This Ship (22 February 2009)

Upcoming projects[link]

The band is taking a three year hiatus, with an announced return to the stage together in early 2014. Wally De Backer launched Making Mirrors under his Gotye act in August 2011, Tim Heath will be touring and recording with Blood Red Bird, and Kris Schroeder recorded a solo EP titled, Patience in the Face of Control, before leaving Australia to work with the Red Cross in Kenya for a two year sabbatical.

References[link]

External links[link]

• Official Website
• Myspace Website