Inheritance tax is 10% of the taxable estate. No inheritance tax shall be paid on the first ISK 1,500,000 of the taxable estate for those who died on or before 31 December 2020. For the estates of those who died on or after 1 January 2024, no inheritance tax shall be paid on the first ISK 6,203,409 of the taxable estate.

Here you can find more information about inheritance tax