Balearic Islands also reduce inheritance tax

The new Balearic Islands government has announced the abolition of inheritance tax for direct line heirs. Between siblings, there will also be a reduction in inheritance tax in the Balearic Islands.

Which tax

Only inheritance tax was communicated, not gift tax. Transfers under an inheritance agreement would also fall under the full exemption.

For whom

The abolition applies to both parents, the children and the surviving spouse.

Concrete

What the full exemption will look like is currently unclear. Concrete legislation is expected during August 2023.