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NOK 1 650 billion in inheritance tax
statistikk
2013-06-20T10:00:00.000Z
Income and consumption
en
arv, Inheritance tax (discontinued), inheritance, gifts, recipientsPersonal tax, Income and consumption
false

Inheritance tax (discontinued), 2011

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 1 650 billion in inheritance tax

Nearly 30 billion was received in taxable inheritance and gifts in 2011, of which heritage accounted for NOK 20 billion. Assessed inheritance tax amounted to NOK 1 650 million; an average of 8 per cent of the inheritance tax basis. The total inheritance tax increased by 3 per cent from the year before.

Number of recipients and total tax basis. Inheritance and gifts, by a selection of object typesPublished 20 June 2013
RecipientsTotal tax basis
20112011
Inheritance
Total15 25220 444
Bank deposits/cash13 6915 012
Dwelling10 28212 901
Recreational property2 5041 210
Gifts
Total6 9679 512
Bank deposits/cash3 5733 867
Dwelling1 4832 889
Recreational property7971 112

Source: Statistics Norway

The value of taxable inheritance amounted to just over NOK 20 billion in 2011, while NOK 10 billion was gifts. Residential property accounted for over 63 per cent of the taxable inheritance, while cash amounted to 25 per cent. Thirty-five per cent of those who inherit residential property also inherit debt.

1 in 6 choose waiver

Seventeen per cent of those who received taxable inheritance asked to waiver their inheritance in favour of the next in line. The average amount waivered was NOK 580 000. An heir may fully or partially waive his legacy. New recipients affect the calculation of inheritance tax. By distributing the inheritance between a larger number of recipients, the tax-free amount and the progressive tax rates make inheritance tax lower.

Increasing number of recipients of higher amounts

More than half of the recipients of inheritance and gifts inherited over NOK 1 million in 2011. The number of recipients of inheritance of a value over NOK 2 million has increased by nearly 20 per cent since last year. The value of gifts worth between NOK 1 and 2 million increased by 18 per cent, thus pushing up the average value of gifts to almost NOK 1.4 million. The average inheritance amounted to NOK 1.3 million in 2011.

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.