1.- RELATIVES:
A) Group I: Descendants and adopted children under 21 years old: 15.956,87 Euros, plus 3.990,72 Euros for each year younger than 21 that the heirs Are. With a limit of reductions in 47.858,59 Euros.
B) Group II: Descendants and adopted children over 21 years old, spouses, ascendants and adopters: 15.956,87 Euros.
C) Group III: Collateral relatives (cousins, aunts, uncles…) in law ascendants and descendants. 7.993,46 euros.
47.858,59 euros to disabled people with handicap degree of 33-65%
150.253,03 Euros to disables people with a handicap degree of 65-100%
2.- LIFE INSURANCE AMOUNTS: will have a reduction of 9.195,49 euros if the relationship with the deceased is that of being spouse, ascendants, descendants, adopted or adopter.
3.- HABITUAL DWELLING: 95% reduction on taxable amount with a limit of 122.606,47 euros for each tax payer when inheriting the habitual dwelling of deceased, being this also the heir´s habitual dwelling and being the heir one of the following ones: spouse, ascendants, descendants or collateral relative older than 65 years old who lived together with deceased for 2 years prior to this one´s death.
Need to keep the house for 10 years
A new deduction was in force since January 2007 for group I and II relatives of 99% of the tax quota.
For group II relatives, there is a limit of 450.000 or to 600.000 if the heir is disabled in 65% or more.
There is also a reduction of 99% in the taxable amount when what is being inherited is a company in Murcia region.
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"Salamanca Navidad", Salamanca, Spain, by Jota Pe, at flickr.com