Samsung family pays off record $8bn inheritance tax bill

The family behind the South Korean corporate giant Samsung has completed its payment of a 12 trillion won (£6bn; $8bn) inheritance tax bill, the largest such settlement in the country's history. Chairman Lee Jae-yong and other members of the family, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid the sum in six installments over the last five years. The bill is tied to the estate left by the firm's late chairman Lee Kun-hee, who died in October 2020. Samsung is South Korea's biggest chaebol, or family-owned business, with operations spanning electronics, heavy industry, construction and financial services. Lee Kun-hee left a 26 trillion won fortune, including shares, property and art collections. At the time, the family said that "paying taxes is a natural duty of citizens". Samsung confirmed on Sunday that the final payment had been made, noting that the sum is equivalent to roughly one and a half times the country's total inheritance tax revenue for 2024. At 50%, South Korea's inheritance tax rate is among the highest in the world. The handling of the tax bill was watched closely by investors as it could have affected the Lee family's ability to re