As of January 1, 2022, a new reference value will enter into force that will determine the taxes that must be paid by those who buy a second-hand home or who inherit or receive a property as a donation. Experts warn that it will mean an increase in the taxation of different taxes that it affects: the ITP for those who buy a used house, the Inheritance and Donations Tax and the Wealth Tax.
The taxpayer will not pay taxes for what the house has cost him, but for its market value: and the law presumes that this is the reference value approved by the General Directorate of the Cadastre. What does this modification mean? This market value will be calculated from real estate sales prices, according to information provided by Notaries and Registrars.
This new value will affect not only the ITP (tax paid for buying a used home), but also the Inheritance and Gift Tax (ISyD) and the Wealth Tax.
Have you thought about planning the Gift Tax? In 2022 it is possible that the Autonomous Communities will reduce or harden some reductions in this tax.
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