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V0396-16 1 February 2016 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ISD · fideicomiso

Trust over bare ownership of shares taxed at market value for Inheritance Tax

A taxpayer requested a ruling regarding the taxation of a trust involving the bare ownership of shares and social interests received via a will. The DGT determined that the taxpayer is the liable party and that the tax base shall be the market value of said assets.

The question raised

Modality of the trust and its taxation.

The DGT's ruling

In testamentary substitutions, the tax is levied on the institution and on each substitution. The trustee and the substitute beneficiaries are deemed mere usufructuaries, unless they are able to dispose of the assets through inter vivos or mortis causa acts. Upon acquiring the trust over the bare ownership, the tax base shall consist of the real value of the assets.

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