By Dave Jamieson
Close relatives who are left an estate valued at under €1 million will no longer have to pay inheritance tax to Andalucía’s regional government from next year.
The change to the regional law will affect an estimated 95 per cent of all beneficiaries in the region, saving heirs around €90 million.
From January 1, 2018, a spouse, parent or child of the deceased will be exempt from inheritance tax if his or her total inheritance is valued at under €1 million, rather than under €250,000 as at present. For those inheriting more than €1 million, tax will be owed only on the amount above that figure.
