Modification in the Canary Islands Inheritance and Gift Tax

On 5 September 2023, some small changes came into force in the bonuses for the

kinship fee in the Inheritance and Gift Tax for the Canary Islands.

small changes came into force in the bonuses for the kinship fee in the Inheritance and Gift Tax for the Canary Islands.

With regard to inheritances, children under and over 21 years of age, spouses, ascendants, brothers, uncles and nephews will enjoy a bonus on the 99.9% tax rate derived from inheritances and amounts received by the beneficiaries of insurance on life.

Regarding gifts, only children under and over 21 years of age, spouses, ascendants will benefit from the 99.9% tax rate bonus, as long as the gift is formalized in a public deed.

"elimination of the existing limits when applying the tax rate bonus "

This novelty implies the elimination of the existing limits when applying the tax rate bonus and that the 99.9% tax rate bonus not only applies to descendants and adoptees under 21 years of age, but to more members of the family group.