Ethan and Isabella recently discovered that they have been named as the beneficiaries in their late uncle’s will. However, they are reluctant to perfect the transfer of their late uncle’s properties to their names because they don’t have any money to pay the Estate Duty to the government. Are they right?
Pursuant to section 45 and 46 of the Finance Act 1992, the Estate Duty (“Inheritance Tax”) in Malaysia has been abolished with effect from 1st of November 1991.
As such, Ethan and Isabella are not required to pay any Estate Duty. Nonetheless, they may still required to pay the legal fees incurred and nominal stamp duty for the said transfer.
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