Castilla y León has reduced the Inheritance and Donations Tax

ON MAY 11, 2021 Castilla y León has reduced the Inheritance and Donations Tax by 99% between direct relatives, spouses, descendants and ascendants. The reduction especially benefits the children of the self-employed who inherit a business. This new tax measure, approved by the Cortes of Castilla y León on April 28 and published in the Bocyl (Official Gazette of Castilla y León), implies in practice the elimination of the inheritance and donation tax for direct family members, who you will be left with a rate of only 1%. On the other hand, in the case of lucrative intervive transfers (donations), the early transfer of assets and rights between direct family members will be favored; allowing the donation to reach families alive in case of need or generosity without having to wait for the moment of death.