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V2038-23 12 July 2023 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ISD · fideicomiso bancario

Inheritance tax accrues on the date of the decedent's death in the acquisition of assets from a trust-like fiduciary arrangement

The taxpayer asks whether inheritance tax accrues upon acquiring the status of a beneficiary or with each distribution of assets. The DGT responds that, as it is a figure analogous to a trust not recognized in Spain, the transfer is considered direct and the tax accrues on the date of death.

The question raised

Question posed: Whether the fact that the taxpayer acquires the status of a beneficiary due to the death of her mother would imply the accrual of Inheritance and Gift Tax or if, conversely, the accrual of the tax would occur with each recognition of the receipt of income or assets made by the committee to the taxpayer.

The DGT's ruling

The Peruvian bank fiduciary arrangement is analogous to a trust, a figure not recognized in the Spanish legal system. For tax transparency purposes, transfers are considered to be made directly from the settlor to the beneficiary. In the event of death, the acquisition of the share of assets is considered a mortis causa transfer subject to Inheritance and Gift Tax. The tax accrues on the date of the decedent's death, pursuant to Article 24.1 of the LISD.

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