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From August 8th 2015, there are new tax benefits for IHT in Murcia
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In regards to real estate:
Inheritance
a) 99% reduction of taxable amount on the acquisition of property for the creation or expansion of individual enterprise, professional business or the acquisition of shares in companies. This reduction must meet the following requirements:
1. The acquisition will be formalized in Notary deeds and it will be expressly stated that the building will be allocated by acquirer to the creation or expansion of an individual enterprise, professional business or acquisition of shares in entities which meet the remaining requirements.
2. In the case of individuals, for the consideration of the economic activity, rules will be those provided in the regulations governing personal income tax.
3. The establishment or expansion of individual company or professional business, or the acquisition of holdings, will have to occur within a maximum period of 6 months from the date of acquisition of the property.
4. The created, extended or investee entity, whether or not a corporate entity, should not be primarily involved in the management of real estate or furniture
5. The property should be earmarked for that activity for the next five years from the date of acquisition, unless the buyer dies within that period.
6. The legal address of the company, business or investee must be located in the territory of the Autonomous Community of Murcia and maintained for the next five years from the date of the deed of acquisition.
7. In the case of acquisition of shares of an entity, except for investments in social economy enterprises, worker cooperatives or labor companies, must be fulfilled, in turn, the following requirements:
- The acquired shares must represent at least 50% of the share capital of the entity
- The acquirer has to effectively exercise management functions of the entity.
8. In the event that the same property is acquired by several taxpayers, this reduction shall be applied on the acquired portion, to those which individually meet the conditions specified in the preceding paragraphs.
b) A deduction of 50% in the tax fee is reinstated for acquisitions by inheritance of any type of property in favor of the descendants or adopted of 21 years/old or older, spouses and parents or adoptive parents.
Donations
Reductions when an estate is donated for the development of entrepreneurship:
a) It is expressly included, expansion of individual company or business and professional course for the implementation of the reduction.
b) Reduction is applicable to investment in any company, business or entity without having to be the first investment of the taxpayer.
c) Maximum limit of the reduction base is suppressed.
d) Circumstances in which the requirements of the public document formalizing the operation are fulfilled are specifically defined.
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Murcia, East of Spain