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A group of siblings inquired whether their civil society, engaged in real estate leasing, could be classified as an economic activity and the subsequent effects on Wealth Tax and Inheritance Tax. The DGT ruled that such classification requires a management office and a full-time employee.
Question raised: Classification as income from economic activities of those obtained by the Civil Society, exemption from Wealth Tax, and the potential application of the reduction provided for in Article 20.2.c) of the Inheritance and Gift Tax Law.
For the leasing of real estate to constitute an economic activity, there must be premises dedicated exclusively to management and at least one employee under a full-time employment contract. If each partner carries out the activity on a regular, personal, and direct basis, and this constitutes their primary source of income (50% of the IRPF taxable base), they may benefit from the exemption in Wealth Tax. Regarding Inheritance Tax, the provisions of Article 20.2.c) of Law 29/1987 must be met.
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