The succession tax continues to speak in Andalusia , although this time it seems that definitively. PSOE and Citizens have reached an agreement to raise the minimum exempt of succession and donations tax to a million euros. It is estimated that after the reform of the tribute, the Junta de Andalucía will stop entering 83 million euros per year. But what has the Tax of Inheritance and Donations in Andalusia changed?
1. Direct relatives, exempt from paying the Inheritance Tax
After the recently signed agreement, the reform of the Inheritance Tax in Andalusia will be in force as of January 1, 2018 after the approval of the community budgets.
The reform is that direct relatives, that is, children, spouses, parents and grandchildren, will be exempt from paying the Succession Tax when the inherited amount is lower at one million euros . With this reform, it is estimated that 95% of the Andalusians will not pay this tax as of 2018.
2. The jump error has also been corrected
After the reform of the Inheritance Tax, the jump error has also been corrected. Now, the tax included as a fiscal payment would begin from the established limit (one million euros).
Until now, if a person received an inheritance valued at € 1,000,001, it should be paid based on the total. However, with this new inheritance tax reform, in case of receiving an inheritance for that figure, the fiscal payment would be only from the amount greater than one million euros (in this case, one euro).
3. The donation tax is also reformed although to a lesser extent
If you have a company, the donation tax reform is also relevant to you. With this modification, the donation tax for donations of less than one million euros will pay, if they are made from parents to children and with the condition that it is for the creation of companies or Job positions.
In Verum Management we inform you of all interesting news for your company in fiscal, business and financial matters. Subscribe to our newsletter in email@example.com and you will be up to date with all the news.