Denmark: Inheritance
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Inheritance tax and law
Denmark levies two taxes on inheritance: estate duty and inheritance tax.
In computing the taxable value of the estate, all liabilities of the deceased are deducted from the estate. The surviving spouse’s inheritance is not liable for any tax and such transfers are deducted from the estate. A basic allowance is also deductible and this allowance is regulated annually. The basic allowance for 2007 is DKK248,900 (€33,385).
In most cases a tax exemption applies. If the net fortune in the estate is not larger than DKK 1,834,500 (€246,114), and if all the assets do not collectively exceed DKK 2,446,000 (€328,095) it is not necessary to pay tax on the estate of the deceased.
Estate Duty
Estate duty is levied at a flat rate of 15% on the net value of the estate. The spouse of the deceased is not liable to this tax.
Inheritance Tax
Inheritance tax is an additional tax on the inheritance of people other than certain close relatives of the deceased. It is levied at a flat rate of 25% on the computed taxable inheritance less the estate duty liability. The spouse and certain close relatives (children/ stepchildren, and their descendants, spouses of children/ stepchildren, parents) are not subject to inheritance tax.
Denmark - more data and information
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Your Comments
posted by maggie | 2008-04-19
uk
This is fine as far as it goes, but what is the law concerning children in heriting? Do they do so automatically, or can, for example, first families be cut out?
posted by our Editor: Matthew Pollock | 2008-04-19
Yes of course, you are quite right. We do not yet have an article on inheritance in Denmark. Given the restrictions on foreigners buying in Denmark, we are likely to experience difficulties in getting any Danish lawyer to write one for us - so I am sorry, but our weak coverage of this issue is likely to remain, er, weak.