Inheritance Tax is an unavoidable tax when, at the time of accepting an inheritance after the death of a loved one, our wealth increases by receiving goods or money. It is a payment prior to receiving that inheritance and, therefore, it works as an essential procedure.
Depending on the inheritance received, the amount of Inheritance Tax will be higher or lower. In some cases, the payment of the tribute can be a difficulty for a person who, until the moment of obtaining that inheritance, barely has any income. In these situations, however, it is possible to take a shortcut.
One solution may be to pay the Inheritance Tax money with part of the money received in the inheritance, provided that the inheritance includes cash, bank accounts…something that can also be done prior to receiving the inheritance. the Heritage.
In practice, it means borrowing part of the money that we are going to inherit to pay that tribute before receiving the inheritance. In this process, the heir does not get to enjoy those resources, since they do not even go through his account, even briefly: they are simply taken from the account of the deceased.
It seems like a kind of trick or legal loophole, but the reality is much simpler because it is the Inheritance Tax regulation itself that allows the heir to channel part of his inheritance to the payment of the tax to save himself the payment with his own means in case of economic hardship.
What the Inheritance Tax regulations say (you can consult ) is the following: the heir has the right to order the bank to “issue the corresponding checks in the name of the Public Treasury for the exact amount” of the tax. For this, he can either use part of the existing balances in the accounts or dispose of securities deposited in those entities.
The notice of the Bank of Spain for the Inheritance Tax
The Bank of Spain that the delivery of proof of payment of the Inheritance Tax is, together with other documentation, essential to be able to dispose of the assets that form part of the hereditary estate. All the documentation must be delivered to the banking entities, which after confirming its validity will proceed to make that transfer.
For those occasions in which the heir does not want to use his own money (or does not have) to pay the Inheritance Tax, the solution is easy: you just have to ask the bank.
The Bank of Spain explains that, when this happens, “the entity will issue, at the expense of the deceased’s assets, a check made out to the Tax Agency for the exclusive purpose of paying said tax.” This will only happen once the heir notifies the corresponding bank entity, which cannot refuse to do so.
Facebook Comments
Disqus