Direct taxes

Inheritance and Gift Tax - Time to get working!

Answer the following questions:

  1. Based on the figures in the KONTUAK GARBI document, answer the following questions:
    • How does Gipuzkoa collect Inheritance and Gift Tax ?.
    • What percentage of total tax revenue comes from Inheritance and Gift Tax?
  2. What is the difference between an inheritance and a gift?
  3. Izaskun has inherited from her father:
    • A home valued at €185,000.
    • A premises valued at €45,000
    • A bank account with €12,500
    1. What is the total value of Izaskun's inheritance ?
    2. Does she have to pay Inheritance and Gift Tax?
    3. If so, how much? Give reasons for your answer
  4. Ane has just retired and has gifted her cousin Mikel the store where they both worked, which has a stipulated value of €98,000. Does Mikel have to pay tax? If so, how much? Give reasons for your answer