The Junta de Andalucía has decided to change the current level of local inheritance tax, meaning huge savings for many.
From the start of next year children and spouses in Andalucía who inherit up to €1 million will be exempt from paying inheritance tax and those that inherit over the threshold will only be required to pay tax on the difference.
The move, encouraged by public petitions and demonstrations, will be a farer system for those on modest incomes; people who have inherited property and wealth from their parents in the past have previously found themselves having to sell their property because they cannot afford the tax on it.
The new deal with the Ciudadanos party and the PSOE-controlled Junta de Andalucía government is the ‘biggest tax reform in Andalucia in 35years’ says Ciudadanos’ regional leader Juan Marín.
The new ruling, and other new measures, could mean that 95% of inheritances in Andalucía will be tax-free.
Sourced from: Sur in English