Denmark Tax Agency Clarifies Valuation of Real Estate Transferred Within Family for Gift Tax Purposes

The Danish Customs and Tax Administration May 11 posted online Tax Council Binding Answer No. SKM2026.233.SR, clarifying the valuation of real estate transferred within a family for gift tax purposes. The taxpayer, an individual, intended to transfer an agricultural property to his son and sought confirmation that it could be transferred within 15 percent of the latest public valuation after correcting changes not reflected in that valuation. Upon review, the Tax Council found that: 1) the destruction and reconstruction of an annex building constituted a factual and legal change under the valuation circular; 2) the latest public property valuation must ...