At Martínez Lafuente Abogados, we understand the complexity involved in inheriting and facing the corresponding taxes. Our team of experts in inheritance and succession is at your disposal to provide you with the necessary advice in order to manage your assets effectively and comply with your tax obligations.
When you inherit, it is essential to take into account the Inheritance and Gift Tax (ISD). This tax, regulated by state legislation, is applied throughout the Spanish territory. However, each autonomous community has the power to apply different tax reductions and rates, which can result in significant differences in the fiscal cost of the inheritance.
It is important to remember that the deadline for filing the Inheritance and Gift Tax is 6 months from the date of death of the deceased. This period can be extended for another 6 months, but it is essential to request the extension within the first 5 months. Self- assessments filed after the deadline entail surcharges for late payment.
Even if you do not reside in Spain, you must pay Inheritance Tax as a Non-Resident, applying the same allowances as Residents.
Along with the Inheritance and Gift Tax, it is crucial to consider the Municipal Capital Gains Tax, also known as the Tax on the Increase in Value of Land. This tax is applied when you inherit an urban real estate property and is under the jurisdiction of the municipalities.
The calculation of the Municipal Capital Gains Tax may vary according to each municipality, but it is generally based on the cadastral value of the land and the time elapsed from the acquisition of the property until the inheritance. As with the Inheritance and Gift Tax, the deadline for filing the Plusvalía Municipal is 6 months from the date of death, with the possibility of requesting an extension within this period.
It is important to note that some municipalities may delegate the administration of this tax to other agencies with greater collection and inspection resources. Therefore, it is advisable to consult the specific regulations of each particular municipality.
It is essential to comply with the deadlines established for the filing of these taxes, since non- compliance may result in financial penalties. For this reason, we recommend that you seek the advice of a lawyer specialized in inheritance and succession. They will guide you through the process and help you to comply with your tax obligations efficiently and safely regardless of whether you live in Spain or not.
At Martínez Lafuente Abogados, we offer you the necessary advice to receive your inheritance and comply with your tax obligations in an efficient manner. Our team of experts is at your disposal to guide you through the whole process and resolve all your concerns. Do not hesitate to contact us to receive the best legal advice on inheritance and succession.
Why choose us?
In Martínez Lafuente Abogados we offer legal advice, agile and personalized, so that your inheritance is processed in a satisfactory way. Tell us your case and we will attend you quickly.
+34 91 576 92 09
+34 646 69 00 32
info@martinezlafuenteabogados.com
C/ Núñez de Balboa 71 Duplicado, 1º C
C.P. 28001, Madrid.
