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We anticipated it a few weeks ago<\/a> and it is now official. On November 23rd, 2023, Law 6\/2023<\/a> which modifies the Inheritance and Gift Tax in the Valencian Region came into force. In this week’s article we analyse the small print of the new law. Main changes and novelties. And how it will affect to the taxes to be paid by anyone who receives an inheritance or a gift from now on.<\/p>\n\n\n\n Until now, gifts between parents and children; and between grandparents and grandchildren (when the parents who acted as a link between the two had passed away) were eligible for a kinship reduction of 100.000\u20ac<\/a> (up to 156.000\u20ac when the recipient of the gift was under 21 years of age). However, this reduction could only be applied when the recipient of the donation (donee) had an estate equal to or less than 600.000\u20ac.<\/p>\n\n\n\n With the change in the law:<\/p>\n\n\n\n However, the most important change is undoubtedly the 99% rebate for spouses, parents, adoptive parents, children, adopted children, grandchildren and grandparents of the donor. This rebate will also be applicable to individuals with a physical or sensory disability of more than 65%, or a mental disability of more than 33%.<\/p>\n\n\n\n Inheritance tax also presents important changes. The main deductions (100.000\u20ac for kinship, up to 150.000\u20ac for the purchase of the main residence, etc.) remain unchanged. However, the tax reliefs have been substantially modified.<\/p>\n\n\n\n The kinship tax rebate is increased to 99% for:<\/p>\n\n\n\n – Descendants or adopted children, spouses, ascendants and adoptive parents.<\/p>\n\n\n\n – People with a physical or sensory disability<\/a> of over 65%, or a mental disability of over 33%.<\/p>\n\n\n\n After the death of his father, Peter (only child) inherits his father’s main residence<\/a> (200.000\u20ac), a holiday apartment (300.000\u20ac) and a bank account (50.000\u20ac). Before this change in the law was passed, Peter would have paid approximately 27.000\u20ac in inheritance tax. After the passing of the law, the amount to be paid by him will be around 600\u20ac.<\/p>\n\n\n\n The effects of this modification will apply retroactively to gifts and deaths that took place after 28.05.23. If you have paid Inheritance or Gift Tax on a donation or inheritance after this date, you are entitled to get your money back. Our office can help you.<\/p>\n\n\n\n The modification of the Inheritance and Gift Tax is a radical change in the tax landscape of the Valencian Region. At White-Baos Lawyer we are experts in Inheritance Law and Inheritance Tax<\/a>. Do not hesitate to contact us<\/a>. We will study your case and offer you expert legal advice to recover your money.<\/p>\n\n\n\n The information provided in this article is not intended to be legal advice, but merely conveys information relating to legal issues.<\/p>\n\n\n\n Carlos Baos (Lawyer)<\/p>\n\n\n\n White & Baos.<\/p>\n\n\n\n Tel: +34 966 426 185<\/p>\n\n\n\n E-mail: info@white-baos.com<\/a><\/p>\n\n\n\n White & Baos 2023 \u2013 All Rights Reserved.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Everything you need to know about the suppression of the Inheritance and Gift Tax. Valencian Community. Legal advice. Lawyers in Denia […]<\/p>\nChanges in the Gift Tax.<\/u><\/strong><\/h2>\n\n\n\n
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Novelties in Inheritance Tax.<\/u><\/strong><\/h2>\n\n\n\n
How does this change in the law affect me? Practical example.<\/u><\/strong><\/h2>\n\n\n\n
When do these changes in the Inheritance and Gift Tax law come into force?<\/u><\/strong><\/h2>\n\n\n\n
Conclusions.<\/u><\/strong><\/h2>\n\n\n\n
You may be interested in the following services and articles:<\/h1>\n\n\n\n
Inheritance or gift: which is more tax beneficial? What are the advantages and disadvantages of each option? Legal advice<\/a>.<\/h2>\n\n\n\n
Inherit from an heir who never accepted a previous inheritance. Save Tax in the case of double inheritances in Spain. Ius Delationis.<\/a>.<\/h2>\n\n\n\n
Inheritance Tax in Spain. Tax consequences of the inheritance renunciation.<\/a>.<\/h2>\n\n\n\n