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Benefits And Controversies Of Spanish Inheritance Tax
When someone has received an inheritance or a legacy, a donation of goods or a capital life insurance, then they are
liable for Inheritance Tax (Impuesto sobre Sucesiones y Donaciones) which from now on we will refer to as the ISD.
Despite the fact that the ISD is a historic tax that applies in almost all countries who are part of the Organisation for Economic Co-operation and Development (OECD), (so far only Sweden, Portugal and Italy have taken steps to abolish this tax), it continues to create many controversies due mainly to disperse rules that currently appear in our tax system. These variations are attributed to our Regional Communities, which have established differences in the treatment between regions, between residents and non residents, and even among individuals living in a same region. The tax treatment difference affects the non-residents because they can not apply the tax benefits of the rules of their autonomous region even though the courts continue to stress that this may constitute discrimination contrary to European law.
The ISD’s base is the result of quantifying the increase in assets that the beneficiary has obtained, and the tax base is the
amount calculated by applying the reductions provided in the rules of, in our case, the Valencian Community. The reductions of our regional community are: 1. Inheritances or donations made to descendants, spouses, parents - the fixed amount of 40,000 Euros. 2. Inheritances and gifts to children younger than 21 years - 8.000 Euros per year, to a maximum of 96.000 Euros. 3. Inheritance of the main residence of the deceased - 95% of the catastral value of the primary residence. 4. Life insurance contracts received - exemption of 100%.
If you have any questions
regarding inheritance tax please do not hesitate to contact Oltra Casamayor Accountants and
Tax Consultants on 965 784 298 or visit them at Marques de Campo 16, Piso1, pta2, Denia.
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