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Selected News Article - From Rural Andalaucia
Inheritance Tax - new changes from 2018
09 February 2018

 Inheritance Tax
Legal situation before 2018: tax exemption for estates up to 250,000 euros.
Legal situation after 2018: tax exemption for estates up to 1,000,000 euros.

To benefit from the new tax allowances, taxpayers must be EEA/EU-residents.

Inheritances equal to or below 1,000,000 will go untaxed (per inheritor).
Pre-existing wealth nil-rate band of inheritor raised to 1,000,000.

Gift Tax
Gifts between parents and children of up to 1,000,000 will also go untaxed provided certain criteria is met (gift for the purpose of job creation or to set up a company). Exact details to be specified by further regulation.

In case the value of the estate is more than 1m, the tax is calculated over the difference between 1m and the value of the estate. Until 2017, the inheritance tax was payable over the whole value of the estate.

On average, every day 19 inheritors turn down their inheritances in Andalusia in order to avoid paying steep inheritance taxes. Following this new regulation, this will no longer be the case. 95% of taxpayers will benefit from this change as from next year.

This bold move allows Andalusia to finally jump onto the band wagon of other autonomous regions in Spain which are applying reductions on IHT to such an extent which in practice translates to almost suppressing it i.e. Madrid, Basque Country, La Rioja, Navarre, Catalonia, Valencia, Balearic, Canary Islands and now Andalusia as well.

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