In legal matters, especially in inheritance, there is a lot of information that you should know if you are a beneficiary of a will and are about to receive compensation. Since there are taxes that tax this procedure, granting you a fiscal duty that you must assume. In this case, we refer to inheritance tax, one of the most important taxes you should consider when you are a beneficiary of a will. If you don't know what it is, don’t worry! We tell you all the fundamental points that you should know.

What is the inheritance tax?

It is a tax applied to inheritances after the death of a person who, in most cases, has left a will where he has specified who his heirs are. So the inheritance tax is generated from the moment the heirs accept the inheritance. This tax is regulated by law 29/1987 of December 18. Specifically, in the line of inheritance and donation tax.

Characteristics of the inheritance tax 

There are certain factors that describe this tax in detail:

● Direct, since it falls on the acquisition of goods and rights.

● Personal, because it is established as a result of a relationship with a person.

● Subjective, taking into consideration the circumstances surrounding the taxpayer in his personal context.

● Increasing, the greater the base, the greater the type of tax to be applied.

● Instantaneously, the taxable event arises in isolation.

When the person who has died has not left a will and does not have heirs that can be considered legitimate, their assets are immediately transferred to the State.

Inheritance tax and donations

However, the inheritance and donations tax is the tax that falls on the assets obtained by physical persons. Those who have benefited from offerings, legacies, or inheritances. This, considering that the donation tax is the tax to be paid by those who have received an economic donation. Or, a gift, prize or gift from a natural person. That is, if a family member gives you a home, you must cover this tax according to what is established by law.

Characteristics of inheritance and donation tax

Regarding this tribute, there are also conditions that describe it. Among them:

● Personnel, must be paid (during the first 6 months) by those who receives any inheritance or donation.

● Direct, falls on assets or income, and is paid to the Public Administration.

● Independent, as regards the regulation by the Autonomous Communities. That is, the tax to be paid can vary between communities

.● Progressive, the higher the benefit, the higher the percentage to be paid.

● Subjective, it is established considering the degree of kinship and the circumstances of who pays.

In the case of donations, the benefit to be transferred can be made in life. Receiving an inheritance implies a tax commitment that you acquire as a beneficiary, as established by law.

The complexity of this issue sometimes makes it necessary to surround yourself with a group of professionals who offer complete and effective advice on this matter. That is why from Proyectos Insulares we put in the hands of all our clients an integral service with which to solve all the problems and doubts that they could have.