Questions regarding Inheritance and Gift Tax and Wealth Tax.

1-The gift/inheritance tax can be most easily estimated here (approximately):                      https://javiersevillano.es/Calculadora-Sucesiones-Donaciones.php

Wealth tax in Valencia: the first €500,000 of net assets are exempt, plus the first €300,000 of the value of the main residence are also exempt.

Taxable Base:

This is the net value of the taxpayer's assets, calculated as the difference between the total gross assets and all deductible debts.

Various assets and rights are valued according to specific rules set by the Wealth Tax Law, depending on the nature of each asset.

Deductible Debts:

Real encumbrances and charges that reduce the value of the corresponding assets or rights.

Debts and personal obligations for which the taxpayer is responsible, provided they are properly justified. Interest cannot be deducted under any circumstances.

Exempt Assets:

Assets that are part of Spain's historical heritage, registered in the General Register of Assets of Cultural Interest or the General Inventory of Movable Property.

Assets that are part of the historical heritage of autonomous communities.

Certain works of art and antiques.

Household items.

Economic rights in the following instruments:

Consolidated rights of participants and economic rights of beneficiaries in a pension plan.

Economic rights corresponding to premiums paid under insured plans defined in Article 51.3 of the Income Tax Law.

Economic rights corresponding to contributions made by the taxpayer to social security plans regulated by Article 51.4 of the Income Tax Law.

Economic rights arising from premiums paid by the taxpayer under collective insurance contracts, other than social security plans, which formalize pension commitments assumed by companies, in accordance with the provisions of the first additional provision of the Law on the Regulation of Pension Plans and Funds, and the corresponding regulatory framework, as well as those arising from premiums paid by employers under the mentioned collective insurance contracts.

Economic rights corresponding to premiums paid under private insurance policies covering dependency, as defined in Article 51.5 of the Income Tax Law.

Rights arising from intellectual or industrial property, as long as they are part of the author's assets, and in the case of industrial property, if they are not linked to economic activity.

Securities owned by non-residents, whose income is exempt under the provisions of Article 14 of the Non-Resident Income Tax Law, approved by Royal Legislative Decree 5/2004 of March 5.

Business and professional assets.

Participation in certain business and professional organizations.

The taxpayer's primary residence, up to a maximum amount of €300,000.

Liquid Base:

To determine the liquid base for taxpayers residing in the Valencian community, the taxable base must be reduced by the amount of the minimum exempt income, which is:

 

Full Quota:

The applicable tax rate for taxpayers residing in the Valencian community is determined by applying the following tax scale to the liquid base: