Estate Tax Change?

Q.- I have been told that Andalucia is going to sharply reduce inheritance tax and include inheritors who are not direct children in the reduction as well. Is this correct? If so it would make an important difference to my estate planning.

S D (Costa del Sol)

A.- Yes, it is correct. The important change is not so much a tax reduction because Andalucian law had already lowered the tax to 1 per cent for spouses and children, but the inclusion of other family members in this reduction, which opens the door for nearly a million Andalucians and residents to share in the reduced tax.

The exemptions will now apply to brothers and sisters, aunts and uncles, nieces and nephews. The change is planned to come into effect in 2022. It forms part of a more general lowering of taxes in Andalucia including income tax and property transfer tax. The first stages of the tax reform, put into effect in 2018, have already produced positive results as the reduced taxes actually produced increased revenues

Send your questions for David Searl through lawyers Ubeda-Retana and Associates in Fuengirola at [email protected], or call 952 667 090

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

David Searl

You and the law in spain Send your questions for David Searl through lawyers Ubeda-Retana and Associates in Fuengirola at [email protected], or call 952 667 090.

Comments


    Leave a comment

    Your email address will not be published.