Andalucia improves the Inheritance tax allowances
24 Jan. 2016
Law 10/2016 of 27th of December for 2017 General Budget in AndalucÃa has modified the tax allowances for inheritance tax, increasing the tax reduction for spouses, ascendants and descendants from 175.000 Euros to 250.000 Euros on the taxable base.
It has also introduced an additional tax reduction up to an overall maximum of 200.000 Euros for taxable bases ranging from 250.000 Euros up to 350.000 Euros.
Therefore, spouses and direct relatives receiving an estate with a net value lower than 250.000 Euros will pay no Inheritance Tax. For those receiving more than 250.000 Euros but less than 350.000 Euros, the taxable base will be reduced up to a maximum of 200.000 Euros. For a taxable base higher than 350.000 Euros there is no threshold or reduction.