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V1281-14 13 May 2014 · SG de Tributos Criterion in force
OTRO · modelo 720

No obligation to file Model 720 if only expectation of inheritance exists

A potential heir asks whether to submit the foreign assets declaration after their grandmother's death. The DGT states there is no obligation if as of December 31 only an expectation of rights exists, except in cases of a contingent inheritance.

The question raised

1st.- Is there an obligation to file the informative return of Form 720 when the grandmother passes away?

The DGT's ruling

If as of December 31 only a mere expectation of rights exists due to the status of a future heir, there is no obligation to file the informative return. The obligation arises only if the taxpayer is the holder of the assets and rights on that date and exceeds the established thresholds. However, if the holder of the assets were a dormant estate, this entity without legal personality would indeed be obliged to report.

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