Rule applied: 89 minus the age, floored at 10% and capped at 70% (article 41.2).
The same usufruct under the two taxes that apply the scale
Tax
Usufruct
Value of the usufruct
Value of the bare ownership
ITP (purchase)
14%
€42,000.00
€258,000.00
ISD (inheritance or gift)
14%
€42,000.00
€258,000.00
Both taxes give the same figure: the age scale is identical under transfer tax and under inheritance and gift tax.
You do not choose the value of the asset. For property, article 10.2 of the transfer-tax act takes the Catastro reference value, and the price or declared value only if they are higher.
Renouncing a usufruct you have already accepted does not undo it: article 41.6 of the transfer-tax regulation and article 51.6 of the inheritance-tax one treat it as a gift to the bare owner.
The valuation rule is state law and is not devolved: article 48.1 of Act 22/2009 lists what the regions may change in inheritance and gift tax (reliefs, the scale, the multipliers and rebates) and valuation is not on that list. The percentage is the same in all fifteen common-law regions, unlike forced heirship.
Navarre and the Basque Country have their own rules by treaty, and are outside this calculation.
Change the usufructuary or the right
Use and dwelling is not a cheaper usufruct: article 41.8 of the transfer-tax regulation and article 50 of the inheritance-tax one apply the same scale to a base cut to 75% of the asset’s value.
An educational estimate under the state valuation rules. It does not constitute tax or legal advice.
It does not work out the market value of the asset, the price a bare-ownership buyer would offer, or the average effective inheritance-tax rate.