Pracuj z nami

RECENT FISCAL CHANGES IN ANDALUCIA

Date: 03/28/2021

On the 9th of April, the Andalusian government approved some very relevant fiscal modifications.

To be exact, a discount of 99% of the Inheritance and Gift Tax was approved. Until that day, there was an exemption for children and spouses who inherited less than 1,000,000€: they did not have to pay any inheritance tax.

Now, in those cases where they inherit more than 1,000.000€, there will be a discount of 99%. What does this mean exactly? It means that if, for example, a child inherits 1,100,000 €, then he will not have to pay approximately 300,000€, as he had to until now, but only 3,000 €, with this modification.

However, the most outstanding fact is that it was approved that this same discount will be applied to the gift tax, which until now was not included in the exemption valid for the amount of 1,000.000 €. Until now, if the parents donated a property valued in 400,000 € to their children, spouse or partner, then this person had to pay approximately 81,000.00 € in Gift Tax. This amount now has been reduced to 810€.

Now, the only condition for being able to apply this discount is that the donation, be it money or real estate, must be by a Donation Deed signed as public deed before a notary. We have to keep in mind though that it may be possible that after Brexit this might not be possible for British citizens any longer. Therefore, if you are considering to gift any money or real estate in Spain, it might be interesting to do it now.

For more information or a thorough analysis of each particular case, please do not hesitate to contact us and we will be pleased to advise you.


 

back
© 2021-2022 by SANCHEZ SOLICITORS. All rights reserved.
Manage Cookies
×