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New Inheritance Tax Rules

The PSOE and Ciudadanos have reached an historic agreement with regards to inheritance tax that will be approved by the Junta de Andalusia for next year.

The new tax-exempt limit is for the first one million euros.

This new measure will benefit 95% of inheritances, according to data gathered last year. By changing these rules, it will help to ensure budget stability for 2019, and is just in time for the regional elections. This will remove the ruling that the PP made back in 2009.

Finally, the Andalusian government has agreed and facilitated the new agreement between PSOE and Citizens, which has been signed this Wednesday in the Andalusian Parliament.

The agreement, “certifies the death of the tax”, this will means that 95% of the Andalusians do not have to pay this tax. The Junta, meanwhile, will have a reduction in the collection of such taxes to the tune of 83 million euros. In addition, ‘gift’ tax will be exempt for anything that does not exceed one million euros, and are made from parents to children with the aim of creating businesses or jobs.

The president of the Junta de Andalucía, Susana Díaz, stressed Wednesday the benefits of the agreement. “This gives stability to Andalusia and a clear horizon. That is what the Andalusians need so that 2018 is a year of economic growth and recovery of social rights.” Diaz stressed that Andalusia will be “the first community to approve the budget Law.” On the budgets, the president has said that it will be “deeply social and committed to the needs of the Andalusians because it will grow in what impacts on the quality of life of citizens.” The direct increase in the amounts allocated for health and education will be 700 million.

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Legal & Accounting Network

Legal & Accounting Network

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