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The consultant asks whether improvement agreements under Galician law involving delivery of property during life permit the 95% family business reduction. The DGT responds that this is not possible as the reduction requires the deceased to have passed away.
Question posed: Taxation of the transaction for Inheritance and Gift Tax purposes. Specifically: the possibility and requirements for applying the 95 percent reduction in the valuation of said shares in accordance with state regulations.
Improvement agreements are succession titles, but in present agreements, the acquisition occurs during the lifetime of the decedent. The reduction provided in Article 20.2.c) of the LISD requires as an indispensable requirement that the acquirer be a deceased person. As this requirement is not met in present acquisitions, the application of said reduction is not applicable.
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