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166644
NOK 1.8 billion in inheritance tax
statistikk
2014-06-18T10:00:00.000Z
Income and consumption
en
arv, Inheritance tax (discontinued), inheritance, gifts, recipientsPersonal tax, Income and consumption
false

Inheritance tax (discontinued), 2012

In 2013, it was decided to abolish inheritance tax with effect from 1 January 2014. This is the final release of inheritance tax statistics.

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NOK 1.8 billion in inheritance tax

Assessed inheritance tax amounted to NOK 1.8 billion in 2012; an average of 5 per cent of the inheritance tax basis. About NOK 32 billion was received in taxable inheritance and gifts in 2012.

Number of recipients and total tax basis. Inheritance and gifts, by a selection of object typesPublished 18 June 2014
20112012
RecipientsTotal tax basis (NOK mill.)RecipientsTotal tax basis (NOK mill.)
Inheritance
Total15 25220 44417 04722 435
Bank deposits/Cash13 6915 01215 1055 479
Dwelling10 28212 90111 26614 646
Recreational property2 5041 2102 6651 282
 
Gifts
Total6 9679 5127 4849 877
Bank deposits/Cash3 5733 8674 0014 223
Dwelling1 4832 8891 4462 784
Recreational property7971 1128781 210

Source: Statistics Norway

Figure 1. Inheritance tax of taxable inheritance and gifts

The value of taxable inheritance amounted to just over NOK 22 billion in 2012, while NOK 10 billion was gifts . Residential property accounted for over 65 per cent of the taxable inheritance, while cash amounted to 24 per cent. Forty-one per cent of those who inherit residential property also inherit debt.

Average inheritance of NOK 1 316 000

Average taxable inheritance amounted to NOK 1.3 million in 2012. This is a decrease of about 2 per cent from the previous year. Average taxable gifts also amounted to NOK 1.3 million.

Waiver

Sixteen per cent of those who received taxable inheritance requested a waiver in favour of the next in line. On average, the waiver was NOK 622 000. An heir may fully or partially waive his legacy. New receivers affect the calculation of inheritance tax. By distributing the inheritance over more receivers, the tax-free amount and the progressive tax rates reduce the inheritance tax.

Possession date and decision dateOpen and readClose

The statistics present figures for both possession date and decision date. Possession date is the date on which the recipient takes possession of the inheritance/gift. Decision date is the date the tax collector decides on taxes in the specific cases. The statistics do not cover estates in which the tax basis is under the tax-free amount or public administrated estates. A recipient is liable for taxation for inheritance or gifts to a value below NOK 470 000 if he or she has received an inheritance or gift from the same donor in the past and the overall value exceeds the tax-free amount. A recipient may have received parts of one object, more than one unit of one type of object or a multiple number of different types of objects. Advances on the inheritance are considered as gifts.