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The announced elimination of Inheritance and Donations Tax in Andalusia presents an opportunity to plan the transmission to the next generation in life

| News | Tax

A considerable increase in donations is expected, but the main legal and fiscal implications must first be known.

The announced elimination of Inheritance and Gift Tax (ISD) in Andalusia raises the possibility that, at least for a period, the free inter vivos transfer of assets to descendants is not subject to taxation by this tax.

This was made clear during the conference on Updates in Inheritance and Donations Tax in Andalusia, an opportunity for planning?, held this week in Seville, in which Belén Alarcón, partner and director of estate planning at Abante, José Manuel Pumar, managing partner of Andersen Tax & Legal in Seville, and Santiago Fuertes, senior associate of the same, explained to the more than 100 attendees important practical reflections on the changes that lie ahead.

During her speech, Belén Alarcón stressed the importance of the decision to donate being the consequence of a reflection process in which a plan of action has been defined that takes our personal and financial needs in the long term into account.

For their part, José Manuel Pumar and Santiago Fuertes explained the main civil and fiscal issues to be considered as essential before donating, in order to set forth different donation arrangements that allow the transmission of part of the wealth to the next generation and, at the same time, ensure the economic stability of the donor and that he sees their personal interests and concerns covered.

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