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V1150-22 25 May 2022 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ISD · autoliquidación parcial

Partial self-assessment allowed to pay inheritance tax from bank funds

A Malaysian resident heir asks whether bank-held inheritance funds can be used to pay inheritance tax or if external funds are required. The DGT confirms that partial self-assessment is possible to withdraw funds from bank accounts to meet tax obligations.

The question raised

If the monetary assets held by the banks are sufficient to cover the Inheritance and Gift Tax, but are distributed among several banks, can the tax be paid using the funds held in the banks themselves, or must the tax be financed from an external source?

The DGT's ruling

Heirs may perform a partial self-assessment of the tax for the purpose of withdrawing money deposited in financial institutions, pursuant to Article 89 of the RISD. This payment allows for the availability of funds and extinguishes the subsidiary liability of the banks. Likewise, for real estate, the tax base shall be the cadastral reference value, unless the declared value is higher, or the higher between the declared value and the market value if no reference value exists.

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