Ciudadanos proposes zero inheritance tax between parents, children and partners
Friday, September 7, 2018 @ 2:22 PM
CENTRE-RIGHT opposition party Ciudadanos wants the government to scrap inheritance tax between parents and children and spouses, and dramatically reduce it for more distant family members and those where the deceased and the beneficiary have business connections.
Last year saw record highs of people refusing inheritances – one in every 10 was rejected – since, in Spain, the tax has to be paid before the assets transfer into beneficiaries' names.
And beneficiaries only have six months to pay the tax.
Ciudadanos wants to increase this to at least a year where the estate is at least 75% fixed assets, and also wants to allow payment in kind instead of in cash if necessary.
Albert Rivera's party says the tax should be reduced to zero where the beneficiary is a child or parent, spouse or unmarried partner of the deceased and where the inheritance is the latter's permanent home.
This tax exemption would also apply to second- or third-degree relatives or even more distant ones where the beneficiary in question does not own a home of his or her own.
Read more at thinkSPAIN.com