Inheritance tax aspects in the valuation of private equity funds

The provi­si­ons of the German Inhe­ri­tance Tax Act have been a matter of concern to the fiscal courts for many years, and recently also incre­asingly to the Fede­ral Consti­tu­tio­nal Court. Nevert­hel­ess, the legis­la­tor has not yet succee­ded in crea­ting an inhe­ri­tance tax concept accepted by the majo­rity of the gover­ning poli­ti­cal parties, as the privi­le­ges for certain parts of the assets propo­sed and defen­ded by indi­vi­dual parties are not gene­rally consensual.