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2017 Almeria Inheritance Taxation.

In the region of Andalucia at the beginning of 2017, new inheritance taxes have been implemented. These changes are welcome as it now helps people make informed decisions without the fear of heavy tax bills regarding inheritance.

These new rules apply to beneficiaries whose relationship to the deceased falls within two groups:

Group 1 (direct descendants under 21 years of age)

or

Group 2 (direct descendants over 21 years of age, spouses and ascendants).

For beneficiaries that fall within either of these 2 groups they now have a complete exemption on inheritance tax so long as the following 2 points are met:

  1. The value of the inheritance does not exceed the value of €250,000
  2. The pre-existing net wealth of the beneficiary does not exceed €402,678.11

If the value of the inheritance exceeds €250,000 but is less than €350,000 then inheritance tax will apply however the beneficiaries will have the exemption allowance on the first €200,000 value of inheritance (assuming of course that their pre-existing net wealth is under €402,678.11)

For example:

Isabelle lives in Almeria, has a total wealth of €400,000 and she inherits €290,000 from her deceased father. Important points to note:

  • She is resident in Andalucia.
  • Isabelle has pre-existing net wealth inferior to €402,678.11.
  • Isabelle’s’ relationship to the deceased falls applies to either of the 2 groups highlighted.
  • The value of the inheritance is greater than €250,000 but is less than €350,000

So, this gives Isabelle’s taxable base as €290,000 minus the allowance of €200,000 resulting in that she can expect to pay tax at the applicable rates on the remaining €90,000.

_________________________________________________________________________

For beneficiaries that either have a pre-existing net wealth of more than €402,678.11 or receive an inheritance greater than €350,000 then neither of these new exemptions outlined above would apply.

There are a new set of exemptions applicable to the main residence when it is inherited by either the spouse, direct descendants or a relative aged 65 or more.

The exemptions basically dictate how much of the property value is added to the taxable base for the inheritance tax calculation. The exemptions calculate as follows:

  • If the property is valued at €123,000 or lower then it is completely exempt from that tax.
  • If the value is between €123,000.01 and €152,000 then 1% of the value will be added to the taxable base
  • If the value is between €152,000.01 and €182,000 then 2% of the value will be added to the taxable base
  • If the value is between €182,000.01 and €212,000 then 3% of the value will be added to the taxable base
  • If the value is between €212,000.01 and €242,000 then 4% of the value will be added to the taxable base
  • If the value is more than €242,000 then 5% of the value will be added to the taxable base

Two important conditions to account regarding the above list of exemptions, is that the beneficiary must have been living in the residence for the 2 years prior to the owner’s death and the property that is being inherited must not be sold within the first 3 years of being inherited.

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