Changes to Gifting & Inheritance Tax in Valencian region of Spain

The reform of the tax involves in summary and schematically:
DONATIONS:
A) REDUCTION:

  • Acquisitions by children or adopted children under 21 years of age:
    100,000 euros, plus 8,000 euros for each year under 21 that the donee has, without the reduction exceeding 156,000 euros.
    8,000 euros for each year under 21 that the donee has, without the reduction exceeding 156,000 euros.
  • Acquisitions by children or adoptees aged 21 or over, by the spouse, parents or
    spouse, parents or adoptive parents: 100,000 euros.
  • Acquisitions by grandchildren: 100,000 euros, if the grandchild is 21 or over, and 100,000 euros, if the grandchild is 21 or over, and
    100,000 euros, plus 8,000 euros for each year younger than 21 that the grandchild is 21 years of age, without the grandchild being
    the grandchild is 21 years of age, although in the latter case, the reduction may not exceed
    exceed 156,000 euros.
  • Acquisitions by grandparents: 100,000 euros.
    — Acquisitions by persons with a physical or sensory disability, with a degree of disability equal to or greater than 65 per cent.
    of disability equal to or greater than 65 per cent, and with a mental disability,
    with a degree of disability equal to or greater than 33 per cent,
    a reduction of 240,000 euros will be applied to the taxable base.
    For the purposes of the aforementioned reduction limits, the following shall be taken into account
    the totality of the lucrative acquisitions inter vivos from the same donor, made in the
    same donor, made in the five years immediately prior to the time of accrual.
    to the time of accrual. ANY OTHER LIMIT PRIOR TO THE REDUCTION DISAPPEARS.

B) ALLOWANCE: . A rebate of 99 per cent of the tax liability shall be granted:
— Inter vivos acquisitions made by the spouse, parents, adoptive parents, children or adoptees of the spouse,
adoptive parents, children or adopted children of the donor. The same relief shall apply to
The same relief shall apply to grandchildren and grandparents.
— Acquisitions by persons with a physical or sensory disability with a degree of disability equal to or greater than 65 per cent.
65 per cent or more of disability or by persons with a mental disability with a degree of disability equal to or greater than 65 per cent.
with a degree of disability equal to or greater than 33 per cent.
SUCCESSIONS:
A) REDUCTION: REMAIN THE SAME AS SUMMARY:
a) That which corresponds to those included in the following groups:

  • Group I: acquisitions by descendants and adopted children under the age of 21, 100,000 euros,
    8,000 euros for each year under the age of 21 that the beneficiary is under 21, without the reduction exceeding
    may not exceed 156,000 euros.
  • Group II: acquisitions by descendants and adoptees aged 21 or over, spouses, ascendants and adoptive parents, 100,000 euros,
    ascendants and adoptive parents, 100,000 euros.

b) In acquisitions by persons with a physical or sensory disability, with a degree of disability equal to or greater than 33 per cent.
of disability equal to or greater than 33 per cent, a reduction of 120,000 euros will be applied,
120,000 euros, in addition to that which may correspond according to the degree of kinship with the deceased.
In the case of acquisitions by persons with a mental disability, with a degree of disability equal to or higher than 33 per cent, and
33% or more, and by persons with a physical or sensory disability, with a degree of disability equal to or more than
disability equal to or greater than 65 per cent, the aforementioned reduction shall be 240,000 euros.

c) In the case of acquisitions of the principal residence of the deceased, a reduction of up to 150,000 euros shall be applied, up to a limit of 150,000 euros
150,000 for each taxable person, a reduction of 95 per cent of the value of the said home, provided that the successors in title are the spouse or partner of the deceased.
the deceased’s spouse, ascendants or descendants, or a collateral relative over the age of sixty-five who is over the age of sixty-five and who
over sixty-five years of age who had lived with the deceased during the two years prior to the death, and that the acquisition of the dwelling
the death, and that the acquisition continues for five years after the death of the deceased, unless the deceased dies.
death of the deceased, unless the acquirer dies within that period.
THERE ARE OTHERS LESS USUAL (See Art. 10 Law 13/1997 Generalitat Valenciana)

B) ALLOWANCE: . The following are entitled to a 99 per cent rebate on the part of the tax quota

  • Acquisitions mortis causa made by relatives of the deceased belonging to groups I and II of Article 20.2.
    of article 20.2.a of Law 29/1987, of 18 December 1987, on Inheritance and Gift Tax. These relatives are
    Group I: descendants and adopted children under the age of 21.
    Group II: descendants and adopted children aged 21 or over, spouses, ascendants and adoptive parents.
  • Acquisitions by persons with a physical or sensory disability with a degree of disability equal to or greater than 65%.
    65% or more disability or by persons with a mental disability with a degree of disability equal to or greater than 65% or by persons with a degree of
    with a degree of disability equal to or greater than 33%.