If you are a resident of the Valencian Community or are thinking of moving to this beautiful region of Spain, it is crucial to be aware of the latest legal updates that can have a significant impact on your assets. At A&G Lawyers, we are pleased to inform you about the recent law to eliminate inheritance and donation taxes in the Valencian Community and how it can benefit you.
In Valencian Community, the 99% bonus on the Inheritance and Donation Tax has been approved with retroactive effect from May 28, 2023. It will be applied for the benefit of children, spouses and parents.
A benefit is also introduced for acquisitions through donation in favor of the spouse, fathers, mothers, adopters, sons and daughters or adopted children of the donor, grandsons or granddaughters and grandfathers or grandmothers. This simplifies the current regulation of reductions associated with kinship and incorporates the spouses of the donor as beneficiaries.
Consult the text of the new Law here:
https://www.cortsvalencianes.es/es/consulta_boc#boc/iniciativa/clau/191308483136350
What Does the New Tax Suppression Law Involve in the Valencian Community?
The Valencian Community has recently implemented a law that eliminates or substantially reduces taxes associated with inheritances and donations. This measure aims to facilitate the transmission of family assets, easing the tax burden for residents.
Key Benefits of the Law:
- Reducción de Costos: La nueva ley busca reducir significativamente los costos asociados con impuestos de sucesiones y donaciones, aliviando así la carga financiera para los beneficiarios.
- Facilita la Transmisión Patrimonial: Esta medida facilita la transferencia de bienes y propiedades dentro de la familia, fomentando la continuidad y preservación del patrimonio familiar.
- Cost Reduction: The new law seeks to significantly reduce the costs associated with inheritance and gift taxes, thus easing the financial burden for beneficiaries.
- Facilitates Asset Transfer: This measure facilitates the transfer of assets and properties within the family, promoting the continuity and preservation of family assets.
How Can A&G Lawyers Help You?
If you are looking to make the most of the latest law to eliminate inheritance and gift taxes in the Valencian Community, do not hesitate to contact A&G Lawyers. Our expert team is here to guide you through the details and ensure your tax matters are managed efficiently.
Hire A&G Lawyers to Optimize Your Tax Benefits!