Inheritance and Gift Tax - Time to get working!
Answer the following questions:
- 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?
- What is the difference between an inheritance and a gift?
- Izaskun has inherited from her father:
- A home valued at €185,000.
- A premises valued at €45,000
- A bank account with €12,500
- What is the total value of Izaskun's inheritance ?
- Does she have to pay Inheritance and Gift Tax?
- If so, how much? Give reasons for your answer
- 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