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Elimination of Inheritance and Donation Tax

On November 24, 2023, the DOGV, Law 6/2023 of the Generalitat Valenciana, was published, which modifies Law 13/1997 and regulates Inheritance and Donation Taxes in the area of ​​the Valencian Community.

This new regulation is what regulates the much-announced tax reduction for Inheritances and Donations made exclusively in the Valencian Community, and below we explain the most important points:

  • These measures come into force retroactively as of May 28, 2023, so all Inheritances and Donations signed as of this date and that comply with this new regulation may request a refund of the taxes paid.
  • INHERITANCES (death causes). A bonus of 99% of the tax rate is approved for mortis causa acquisitions and receipts of amounts obtained by the beneficiaries of life insurance that are added to the estate made by relatives of the deceased belonging to groups I and II (descendants and adoptees). , spouses, ascendants and adopters) of Law 29/1987 on Inheritance and Donation Tax.
  • DONATIONS. A bonus of 99% of the tax rate is approved for Inter vivos acquisitions made by the spouse, parents, adopters, children or adoptees of the donor, grandchildren and grandparents.
  • The people who can access this bonus are expanded to include spouses, parents, grandparents and grandchildren.

One of the main requirements to be entitled to this significant tax reduction is that all Donation and Inheritance operations are carried out before a notary and the corresponding taxes are submitted within the legally established period.

A historic opportunity opens up to transfer assets within the same family at very low tax costs. But despite this important improvement, it must be taken into account that other taxes are also involved in Inheritances and Donations, such as the commonly called "Municipal Capital Gains", in the case of the transfer of real estate, or in the Donor's Personal Income Tax, which It can mean a capital gain and is taxed between 19% and 28%, depending on the type of asset you have donated.
Therefore, despite this favorable tax reduction, we consider it important to analyze in detail the fiscal costs that could be incurred in other taxes before carrying out any Inheritance or Donation operation, as well as all the costs of Notaries and Registrars.

At ENNUMERA, we advise personally and individually in this area with the aim of carrying out correct planning that minimizes the tax impact on our clients.


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