Elche family businesses to benefit from 99 per cent inheritance tax rebate

Elche family businesses to benefit from 99 per cent inheritance tax rebate. Image: Elche City Council

Good news for business owners.

The mayor, Carlos Gonzalez, has announced that around 5,000 family businesses in Elche with a turnover of more than €10M a year will be able to benefit from the 99 per cent inheritance tax rebate.

“This measure, approved by the Valencian Parliament, means extending the exemption from inheritance tax to all family businesses, regardless of their size and turnover. It is a very wise decision as it will contribute to the survival of many family businesses for which until now it was a major inconvenience to pay this tax,” said the mayor, who recalled that until now only companies with a turnover of less than €10M euros benefited from this rebate.

According to Gonzalez, the Valencian Government has extended the Inheritance and Gift Tax rebate to 99 per cent for transfers of shares in family businesses in favour of ascendants, descendants or collateral relatives regardless of their turnover, something which in his opinion “guarantees that companies in Elche remain in the hands of their founders after generational changes, facilitating their continuity and preventing them from being absorbed by large multinational groups.”

In short,” Gonzalez added, “this initiative helps to consolidate our business fabric and maintain it for generations, while at the same time helping companies to grow in size and become more competitive.”

 


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Written by

Anna Ellis

Originally from the UK, Anna is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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