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Javier Vinuesa comments on the relationship between donations and Wealth Tax | El Mundo
25 of October, 2024
Gómez-Acebo & Pombo’s Tax Partner, Javier Vinuesa, has commented on the relationship between donations and Wealth Tax in view of the existence of different tax regimes and the rise of donations.
Javier states that ‘Donations are becoming the most widely used tool to reduce the taxable base of Wealth Tax or Major Fortunes’. The explanation, as Vinuesa points out, is due to the fact that ‘In many autonomous communities they are subsidised and therefore, when we donate money, there is no great tax burden’. And he warns: ‘That said, we must consider the possible negative effects of donating during life and, in particular, to young people or students’, as for those who receive the donation it will be understood as a capital gain for personal income tax purposes.
A total of 14,823 homes were donated between January and August this year in Spain, which represents a year-on-year increase of 5.9% in this type of transaction after two years of declines, according to the INE. The increase is influenced by various factors such as the difficulty of accessing a home, given the fear of a possible tax harmonisation of Inheritance and Gift Tax, or the use of this instrument by those with large estates to reduce their tax base for the purpose of paying the tax to the wealthy.
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