New reductions for IHT in Andalucía- July 2016

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01 Aug 2016 2:46 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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There has been recently passed a Decree which establishes new reductions on taxable amount for IHT in Andalucía:

- For members of the family inheriting habitual dwellings

-        100%  for properties up to  123.000,00 euros
-         99% for properties of value between 123.001,00 and 152.000,00 euros.
-         98% for properties of value between 152.001,00 and 182.000,00 euros.
-         97% for properties of value between 182.001 and 212.000,00 euros.
-         96% for properties of value between 212.001,00 and 242.000,00 euros
-         95% for properties of value from 242.000 euros.

Habitual dwelling ned to be the same for the heir for at least 3 years

There are also important reductions for rural industries


 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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11 Aug 2016 12:21 PM by theline Star rating. 84 posts Send private message

Hello Marie,

Thanks for sharing.

Do these IHT changes have any effect on the level of tax relief on inheritances of assets that don't fall into the "non-habitual dwelling" category (e.g. second homes, cars, money).

Also, do you know if these changes also apply to Gift taxes or is it only for IHT?





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11 Aug 2016 1:50 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Theline:

Those changes have no effect if the house is not first residency of both deceasor and heirs.

Please find below complete chart of  taxable amounts reductions for Inheritances and Gifts:

1. ANDALUCÍA

Inheritances

1. Habitual dwelling by direct relatives 

95 to 100

%

2. Relatives

7.993,46 euros  to  47.858,59 euros

 

3. Handicapped people  

47.858,59 euros  to 150.253,03 euros

 

4. Insurance amounts perceived by relatives (with a limit of 9.195,49 euros).

100

%

5. Company, professional practices or shares

95

%

6. Rural industries

99

%

7. Goods belonging to the Historic Patrimony

95

%

8. Consecutive inheritances

50 to 90

%

 

Gifts

1. Company, professional practices or shares

95

%

2. Goods belonging to the Historic Patrimony

95

%

3. Rural industries

99

 

%

 

 

 

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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05 Oct 2016 9:11 PM by pedrodeburjulu Star rating. 1 posts Send private message

so it does not apply if the heir has not lived in the property for those three years before the death?





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06 Oct 2016 2:20 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Extending explanation on home acquisition reduction

This reduction operates on  taxable amount corresponding to home property when this is acquired by spouse, descendant, ascendant and other relatives ( if the are above 65 years old)  which have lived with the deceased during the last two years previous to death .

 

Property value Porcentaje de reducción
Up to 123.000 100%
From 123.000,01 to 152.000 99%
From 152.000,01 to 182.000 98%
From 182.000,01 to 212.000 97%
From 212.000,01 to 242.000 96%
More than  242.000 95%

Acquisition must remain for at least 3 years



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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06 Oct 2016 2:40 PM by johnzx Star rating in Spain. 5242 posts Send private message

Maria I understand the value for the property is determined by multiplying the valor cadastral by a factor.

If that is correct, what is the factor ?





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07 Oct 2016 1:24 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

Dear John:

In this document you can find factors updated July 2016 for Andalucia municipalities

http://www.juntadeandalucia.es/boja/2016/148/BOJA16-148-00025-13604-01_00096004.pdf

 


This message was last edited by mariadecastro on 07/10/2016.

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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