Samsung family finishes record $8bn inheritance tax payment

Samsung family finishes record $8bn inheritance tax payment

The family that controls Samsung has completed a historic inheritance tax payment worth 12 trillion won — about £6bn or $8bn — bringing to an end one of the largest estate settlements ever seen in South Korea. The payment was linked to the fortune left behind by Lee Kun-hee , Samsung’s former chairman, who died in October 2020 . His estate was valued at around 26 trillion won and included company shares, real estate and a major art collection. The tax bill was paid over five years in six installments , beginning in 2021 and ending with the final payment in 2026. Those involved in the payment included Samsung Electronics Executive Chairman Lee Jae-yong , his mother Hong Ra-hee , and his sisters Lee Boo-jin and Lee Seo-hyun . Samsung confirmed that the last installment had been made, closing a process that had been closely watched by investors because of its potential impact on the family’s control over the Samsung empire. The scale of the tax bill is extraordinary. Samsung said the amount was…