Valuation of Assets Subject to Transfer Duty
Criteria and Procedures Adopted for Valuing an Estate
Calculation of Transfer Duty
Exemptions from Duty on Estates and Wills
Each heir benefits from a family allowance according to their degree of relationship to the deceased, as follows:
- Descendants, spouses, and parents: LBP 40,000,000 each.
- Ascendants other than parents, brothers, and sisters: LBP 16,000,000 each.
- All other heirs: LBP 8,000,000 each.
Additional Exemptions Applicable to Children's Inheritance Shares
- LBP 24,000,000 where the child has a permanent disability preventing them from working.
- LBP 1,600,000 for each year, or part of a year, remaining until a minor child reaches the age of 18.
- LBP 16,000,000 where the heir has a dependent spouse.
- LBP 8,000,000 for each child under the age of 18.
The total of these additional exemptions may not exceed LBP 40,000,000.
Exemptions from Duty on Gifts
- LBP 1,600,000 of the value of a gift is exempt where the beneficiary is a natural person.
- LBP 100,000,000 of the value of a gift is exempt where the beneficiary is a charitable institution or a sports, cultural, artistic, or religious association, including religious endowments.