In Spain a property can be split between two people. One holds the usufruct (usufructo: the right to use the property and take its income, usually for life, without owning it). The other holds the bare ownership (nuda propiedad: ownership without that right, which becomes full ownership when the usufruct ends).
Spanish inheritance and gift tax (Impuesto sobre Sucesiones y Donaciones, ISD) values each right separately, using article 26 of Law 29/1987.
To use it:
- Enter the valuation date: the date of death for an inheritance, the date of the deed for a gift.
- Enter the date of birth of the usufructuary, the person who holds the usufruct.
- Enter the value of the property in euros, as if one person owned it fully.
- Press Calculate.
For a life usufruct the law sets the value at 70% of the full value when the usufructuary is under 20 and takes off one percentage point for each further year of age, with a floor of 10%. In practice that is 89 minus the age in whole years, kept between 10% and 70%. The bare ownership is the rest. A usufructuary aged 65 gives 24% for the usufruct and 76% for the bare ownership. The calculator shows both percentages and both values in euros.
Age of the usufructuary: years
Value of the usufruct (percentage of full value): %
Value of the bare ownership (percentage of full value): %
Value of the usufruct:
Value of the bare ownership:
What this calculator does not include
It values a life usufruct only. It does not value a temporary usufruct, a right of use or a right of habitation, or a usufruct that is both for life and limited in time. It does not work out the tax: reductions and rates depend on the region, on your relationship to the deceased or the donor, and on where you live. It also takes the property value you type as given. Which value to use, market value or the value the tax office holds for the property, is a separate question.
I am Alberto Valiño, a lawyer and tax adviser (Valencia Bar Association, ICAV no. 15042). Tell me about your case
Frequently asked questions
How is a usufruct valued for Spanish inheritance and gift tax?
Article 26 of Law 29/1987 sets the rules. A life usufruct is worth 70% of the full value if the usufructuary is under 20, minus one percentage point for each further year, and never less than 10%. A temporary usufruct is worth 2% of the full value for each year it lasts, up to 70%. The bare ownership is valued as the full value minus the usufruct.
Which date should I use as the valuation date?
Use the day the tax arises. For an inheritance that is the date of death. For a gift it is the day the gift is made, normally the date of the deed. The usufructuary's age is counted in whole years on that day, so one day can change the percentage by one point.
Can I use it for a usufruct that lasts a fixed number of years?
No, the calculator only handles a life usufruct. For a fixed term the rule is 2% per year up to 70%, so a 10-year usufruct is worth 20% of the full value. If the usufruct is for life but can end earlier, for example when a child reaches a certain age, the law applies whichever of the two rules gives the bare ownership the lower value.
Is the bare ownership value the amount I will be taxed on?
Partly. The tax is calculated on the value of the bare ownership, after any reductions you are entitled to. The rate, however, is the average effective rate that would apply to the full value of the property, so the tax is not simply a smaller version of the tax on full ownership. Reductions and rates differ by region.