Family holding and Brazil's new ITCMD in 2026
Complementary Law 227/2026 set national rules for Brazil's inheritance and gift tax, with progressive rates and shares valued at market value. What changes.
Sidnei Pedro Dias
9/27/20263 min read
Brazil's inheritance and gift tax, the ITCMD (called ITCD in the state of Goiás), changed with the tax reform. Complementary Law 227 of January 13, 2026 created general rules for the whole country. For families planning their succession, with or without a holding company, two rules deserve attention: progressive rates and valuation of shares at market value.
Progressive rates nationwide
Since Constitutional Amendment 132/2023, the Constitution requires the ITCMD to be progressive according to the value of the inheritance share, bequest or gift (art. 155, § 1, VI). Law 227 repeats the rule and requires compliance with the maximum rate set by the Federal Senate (art. 156), currently 8% (Senate Resolution 9/1992). The higher the amount transferred, the higher the rate.
In Goiás, the ITCD has been progressive since 2016: 2% up to R$ 25,000, 4% from R$ 25,000 to R$ 200,000, 6% from R$ 200,000 to R$ 600,000 and 8% above that, according to the state Department of Economy (State Law 19.021/2015). States that charged a flat rate must adapt their laws.
Holding shares valued at market value
One appeal of a holding company was donating shares valued at share capital or book value, often below the real value of the properties it owns. Law 227 changed this. The general rule is that the tax base is the market value of the asset (art. 152). For shares of companies not listed on an exchange, the valuation must use a technically sound method and reach, at least, the equity adjusted by valuing assets and liabilities at market value (art. 154, II).
In practice, savings that came only from the gap between book value and market value tend to shrink.
Is a holding still worth it?
It depends on the assets and the family's goals. A holding remains useful to:
- centralize the management of properties and businesses in one structure;
- set rules on management, sale of shares and entry of heirs and spouses;
- donate shares during life while keeping usufruct, so the parents keep income and control;
- reduce the cost and delay of probate and conflicts among heirs.
The tax benefit must be calculated case by case, also considering income tax, ITBI (property transfer tax) and the cost of running the company.
Why look at this now
The tax applied is the one in force on the date of the gift or death (art. 156, § 1, of Law 227). Each state charges the ITCMD under its own law, and a state law that raises the tax must respect constitutional waiting periods before it applies. Anyone planning gifts has good reason to learn their state's rules and the schedule of changes before deciding.
SPD Advocacia structures family holdings and succession planning throughout Brazil, including for Brazilians living abroad. Learn more in family holding or message us on WhatsApp (62) 98184-3257.
Updated September 2026. Informational content, in line with Brazilian Bar (OAB) rules (Provimento 205/2021). Each case needs its own analysis, and we do not promise results.