For property owners, the changes to inheritance tax from 2023 are of significant importance. These reforms can have a direct impact on financial planning and the preservation of real estate assets. Here you can find out what important changes need to be considered and how you can prepare for them.
1. increase in tax allowances
From 2023, new inheritance tax allowances will apply, which have been increased for families and close relatives in particular. The tax-free amounts for spouses and registered partners will rise to 500,000 euros. For children and stepchildren, the allowance is now 400,000 euros per child. This increase can help to reduce the tax burden when transferring property.
2. changes in the valuation of real estate
The valuation of real estate for inheritance tax purposes will be governed by a new valuation procedure from 2023. This means that properties must be valued at market value in accordance with the new guidelines. The changeover to valuation according to the market value principle can lead to a fairer valuation, but is also associated with increased effort. Owners should inform themselves about the new valuation criteria.
3. regulations for business assets
There are special regulations for real estate that is considered a business asset that will come into force from 2023. Inheritance tax relief for business assets can have a significant impact on the tax burden. Property owners who also own commercial property should find out about the specific requirements and options for tax relief.
4. sustainability bonus
A new sustainability bonus will be introduced for properties that are particularly energy-efficient or meet sustainable building standards. This could create incentives for property owners to modernize their properties accordingly. Owners should check whether their properties meet the new criteria in order to benefit from this tax relief.
5. carry-over periods and obligation to self-disclose
From 2023, the deadlines for the transfer of assets to heirs will also be more clearly regulated. In addition, it will be necessary to self-declare undeclared assets in order to avoid legal consequences. Property owners should be aware of their obligations and consult a tax advisor in good time if necessary.
Conclusion
The changes to inheritance tax from 2023 will have far-reaching implications for property owners. The increase in tax-free allowances, the new valuation procedures and special regulations for business assets can result in both advantages and challenges. It is advisable to find out about these changes at an early stage and, if necessary, seek professional support in order to optimize the tax implications and protect assets in the long term.