INHERITANCE AND GIFT TAX
Advice on inheritance tax in Andalusia
When gifting assets Inheritance tax calculations are applied to the gifted patrimony with exception of the reductions, which would be non applicable.
The important novelty is that on the resulting quota 99% is bonified if the person who is beneficiary of the gift belongs to one of the following groups.
Group I: Descendants.
Group II: Spouses.
In view of the situation COVID 19 has caused in Spain and the economic consequences of it, we are recommending clients wishing to gift assets (descendants and spouses) to do it before any change in legislation, that will most probably occur as the government will have to increase taxes and will most probably change this bonifications.
Inheriting in Spain, and more specifically in Andalusia has different considerations, resident in Spain, resident in one of the EU member countries, or instead reside outside the EU
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