Gift tax

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The gift tax is a tax that is levied on free gifts among the living ( gifts ).

A distinction must be made between gift tax and inheritance tax , which is incurred with regard to gifts in inheritance, i.e. as a result of the death of the previous owner.

With a few exceptions, gift tax in the sense of an "anticipated inheritance" (transfer of assets during lifetime) is levied according to the same legal rules as inheritance tax, which is why it is mostly treated under the generic term of inheritance tax, as in Germany and Switzerland (and also in Austria and Liechtenstein , where it was abolished). But there are also countries that treat gifts like income (also as capital gains income ) and tax them accordingly, as in some cases in Denmark , Lithuania , Romania and the United Kingdom . There are also states where gifts made within a certain period of time before the death of the testator are added to the tax base of the estate, such as the Netherlands , Norway and the United Kingdom.

In most countries, the debtor of the gift tax is basically the recipient of the grant, although in most countries the giver is also liable on a subsidiary basis. In the United States, however, the donor is subject to gift tax.

Certain allowances also apply to gift tax - in Germany e.g. B. the same as for inheritance tax. These depend on the degree of relationship: the closer the relationship, the higher the tax exemption.

National

  • In Germany it is levied in accordance with the Inheritance Tax and Gift Tax Act ( Section 1 (1) No. 2 ErbStG). A legal definition for gifts among the living can be found in § 7 ErbStG. The gift tax can also affect larger credits on joint accounts, since half of the amount is then ascribed to the co-owner as a gift, which may result in gift tax liability.
  • In Austria , inheritance and gift tax was abolished by the Constitutional Court on March 7, 2007.
  • A corresponding tax, described there as gift tax, is also levied in most Swiss cantons . There, the Foundation Incoming Tax Act applies to free donations to foundations .
  • In Liechtenstein , inheritance and gift tax were abolished by the tax reform on January 1, 2011.

See also:

  • Inheritance tax - including the respective presentations of the national regulations on gift tax

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