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V3512-20 9 December 2020 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ISD · usufructo

Full ownership is taxable if the usufructuary has the power to dispose of assets

A taxpayer received the usufruct of a hereditary share with the power to dispose of the assets for consideration. The DGT ruled that, because this power exists, the tax must be settled based on full ownership.

The question raised

Valuation of the hereditary share received by the usufructuary for the purposes of Inheritance and Gift Tax.

The DGT's ruling

If the acquirer of a usufruct right has the power to dispose of the assets, the tax shall be settled based on full ownership. This does not prevent the refund of the portion corresponding to the bare ownership if the transfer of the assets to the person indicated by the testator is justified. In the case of bare ownership, the accrual is suspended until the limitations cease to exist and the acquisition becomes effective.

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