“Giving up the inheritance should never be the first option”
receive an inheritance In Spain it can be a great benefit. That does not mean that it can become a complex process. One of the tax obligations that is associated with this action is payment of Inheritance Tax. This is a tax that “taxes the transfer of assets and rights due to the death of a person.” It must be paid when there is a transfer of assets or rights of a person who has died. and free of charge. Every person is obliged to pay the tax if there is a donation between people, as regulated by Law 29/1987 and its regulation 1629/1991.
However, when thinking about this tax, many Spaniards put their hands on their heads. And it is that each region sets its own bonuses, reductions, rates and deductions within limits. This means that depending on the community, one disbursement or another will have to be made. For example, there are areas in which taxation is merely symbolic, while others must make a larger contribution.
In this sense, there are Spaniards who are filled with concern when they think about having to face the Inheritance Tax. 20 minutes he spoke with the notary Christina Clemente on this matter and has given some advice to be able to receive the inheritance without fear.
Tips from Cristina Clemente to pay the Inheritance Tax
“What you have to do is go get advice,” says Clemente to all those people who have inherited and have to pay the Inheritance Tax. The notary assures that they can obtain what is called activity index of the deceased. “We get in there and we can see at least what has been signed by public deed or by policy,” he says. Through this procedure can discover if the person had debts or not because the loans you had, guarantees or bonds appear.
“Once we confirm what debts there are or that there are none, then what we have to do is an inventory of our assets,” explains Clemente, the next step is to “go to the bank, request a bank certification with the balances you have and with that they can calculate how much we will have to pay in the Inheritance Tax.” The notary says that only “when Let us be clear that we are not willing to ask for a postponement, that we do not want to put any of the properties up for sale, that the debts truly exceed what we are going to receive and that no one is willing to acquire our right, only then, resign.”
The notary is clear: “Giving up should never be the first option”. Another option that should be taken into account is reserve the right to deliberate. Clemente says that, before a notary, you can do this procedure that involves making an inventory of the assets: “Once you have done everything, you decide if you accept or resign.” To do this, he explains that you have to ask the expert to “take out that report on the deceased’s activity. You go to the banks where he had accounts, and once you have all that clear, you go to the notary or agency to calculate the tax payment. Based on that you decide“. Clemente concludes clearly: “I tell you that out of every 100 one will resign, if he resigns at all.”
