Inheritance tax in Valencia region/UK - update

Further to our article on 24th July advising that inheritance tax was going to effectively be abolished for the following groups in the Valencia region:

Natural and adopted children, grandchildren, parents, spouses, and unmarried partners that are registered as Parecha de Hecho,

The law for this was indeed passed on 5th September confirming that it would be back-dated to May 28th May 2023

We are however, still awaiting news on the increase of the threshold from 100,000€ to 800,000€ (which will effectively wipe out inheritance tax for most folk in these groups) and we are also still awaiting the announcement,/confirmation that all other inheritors will be able to look forward to a 50% allowance being given to them also.

Meanwhile. it is also expected that some form of UK inheritance tax announcement will be in Jeremy Hunt's Autumn statement on Wednesday 22nd November 2023 at 12:30 p.m.