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Revenues from inheritance duty reach record high

Budget revenue stemming from inheritance taxes reached a record HUF 555.5 million in March, the business daily Napi Gazdaság said.

A higher amount than this was collected two years ago, also in March, the paper added.

In May 2010, inheritance was still liable to stamp duty, while it is now exempt from tax in the case of linear inheritance and up to a value of HUF 20 million between spouses.

Such revenues came to HUF 400 million in February and slightly more than HUF 300 million in January.

Exemption from stamp duty was introduced from 2010. Inheritance of property was exempt from stamp duty up to HUF 20 million from January, which the new government extended shortly after taking office. As a consequence, inheritance of property, business holding and movable assets will be exempt from duty from July 2010 in the case of linear inheritance.