Inheritance tax is now effectively abolished in the Valencia region of Spain

The new Valencian government has adhered to their electoral manifesto and has declared that with immediate effect there will be a 99% reduction in inheritance tax for Group 1 and 11 beneficiaries* on the estates of anyone dying in the Valencian region irrespective of whether the deceased is a resident or not.

Consideration is also being given to raising the existing 100,000€ allowance for these 2 groups, to  a suggested 800,000€ and this will effectively mean that for the majority of folk, there will be no inheritance tax to pay at all

The effective date of introduction will be backdated to 28th May 2023

* Group 1 and 2 beneficiaries are: Natural and adopted children  grandchildren, parents, spouses, and unmarried partners that are registered as Parecha de Hecho

Confirmation will be given in late 2023 or 2024