Under Danish law, two taxes are imposed on inheritances: the estate duty and the inheritance tax. When calculating the value of an inheritance, deductions and exemptions apply.
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To determine the value of an estate, subtract all liabilities of the deceased and the basic allowance deduction that is set annually. In 2009, the basic allowance deduction was DKK255,400 (about US$44,000 as of August, 2010).
If all the assets of the inheritance total less than DKK2,509,000 (about US$432,000 as of August, 2010) and the net value of the estate is less than DKK1,882,400 (about US$324,000 as of August, 2010), it is not necessary to pay taxes on the inheritance.
The estate duty is calculated at a flat rate of 15 per cent. One exception exists. A surviving spouse is not liable to pay an estate duty.
The estate tax is levied at a flat rate of 25 per cent of the value of the estate less the estate duty liability. Spouses, children, stepchildren, spouses of children and stepchildren, descendants of children and stepchildren and parents are not liable to pay the inheritance tax.
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