Inheritance tax: overall €50,000 allowance and higher allowances for direct line, disabled heirs and siblings
Article 14 of the 2005 Finance Act creates an overall €50,000 allowance on the net estate received by children, ascendants and the surviving spouse (Article 775 ter of the General Tax Code), shared in proportion to their rights. The personal allowance for children and ascendants and the one for disabled people rise from €46,000 to €50,000, for inheritances and gifts. The allowance for some siblings living with the deceased rises from €15,000 to €57,000. These rules apply from 1 January 2005.
Measure originators
No official estimate found for this measure.
Measure impact
An estate of €100,000 left to an only child, taxed about €9,100 before the reform according to the Senate report, is no longer taxed; average direct-line estates are exempt.
Official references
Sources
Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
President of the Republic signature
Publication au Journal officiel
Possible referral to Constitutional Council
Décision de conformité / censure partielle