Inheritance tax in Spain will be increased soon
The Spanish National Government is preparing a further tax reform for 2015 which would remodel the existing tax system on Inheritances and Donations in Spain!
This will have an impact on those living in Valencia, Alicante and Castellon.
During the past years, the Valencian Government has been one of the Autonomous Government, together with Madrid, which has applied a tax rebate of up to 99% on inheritances and donations.
However, last August this tax rebate was reduced from 99% to 75 % -to bolster Government Coffers.
Unfortunately, things are getting worse this year. The Minister of Economy, Cristobal Montoro is now forcing to all the Autonomous Communities in Spain to apply a minimum benchmark of 4 % on inheritances and donations!
So, you would be wise to take legal advice on inheritance tax in Spain, as soon as possible as things are changing…..