Suppression of Inheritance and Gift Tax in the Balearic Islands

The president of the Balearic Government, Marga Prohens, during her press conference on
Tuesday 18 July, announced the abolition of Inheritance and Donations Tax (ISD) from
parents to sons, grandparents to grandchildren and between spouses. A promised tax
reform by the president five days before 23 July.

Prohens declared that «Today we are ending an unfair tax, the most unfair of all those that
exist, which taxes the effort and savings of a lifetime of work by the generation of our parents
and grandparents».

In addition to this, the Consell de Govern has also approved, by decree, the elimination of
the Property Transfer Tax (ITP) on the purchase of the first habitual dwelling for people
under 30 years of age and people with disabilities.
These two measures will mean a tax saving and a decrease in revenue of around 75 million
euros, of which 60 million correspond to Inheritance and Donations Tax, and 15 million to
Property Transfer Tax (ITP).

Even so, this tax reform will not have retroactive effect, which means that it has been
approved via Decree Law, but it will have to be validated within the next 30 days by the
Parliament, after it was published last Tuesday in an extraordinary BOIB (Official Gazette of
the Balearic Islands).

Specifications

With regard to inheritance tax, this will be abolished between parents to children,
grandparents to grandchildren and between spouses. And, in the case of inheritances
between siblings or between uncles, aunts and nephews, a 50% reduction is considered if
there are no descendants and a 25% reduction if there are descendants.
On the other hand, the total elimination of the property transfer tax on the purchase of the
first habitual dwelling is considered for people under 30 years of age and people with
disabilities. In relation to this, the income limits are €52,800 in individual declarations or
€84,480 in joint declarations, and the maximum amount of the property may not exceed
€270,151.

Also, this tax (ITP) is reduced by 50% for the purchase of a first home for young people
under 35 years of age and for the purchase of a primary residence for large families,
single-parent families or those who have dependents with disabilities. In the case of large
families, the cost of the home cannot exceed 350,000 euros.
Prohens has assured that this is the first phase of a tax reform that will be extended as she
governs, and that it will allow citizens and families, as she said, to ease their situation after a
period in which «they have had to tighten their belts».

Miriam Sánchez

Miriam Sánchez

Total posts created: 59

158 thoughts on “Suppression of Inheritance and Gift Tax in the Balearic Islands”

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