The Hungarian Parliament passed an amendment of the Duty Act which extends the inheritance and gift duty exemption to the movements of assets between siblings. This has broadened the duty exempt asset transfers between family members that previously were limited to the descendant (ascendant) relatives and spouses (surviving spouses) of the donor or the deceased person. The duty exemption is invariably granted notwithstanding the value of the gifted or inherited assets.

The sibling interpretation in the Duty Act will include also half-blood siblings of the donor or the deceased, as well as his or her siblings acquired through adoption.

The newly-introduced duty exemption will apply also to the duty cases which the tax authority has not yet decided upon on the date of entry into force of this amendment (i.e. on the 15th day following the promulgation).

We do hope that we could be at your service with this information. Should you have any further queries, please feel free, to contact us!