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A query was raised regarding whether the 95% reduction in the taxable base applies to the donation of interests in a community of property. The Directorate General for Taxes (DGT) states that the donor must be entitled to an exemption from Wealth Tax, which requires the activity to be their primary source of income.
Question posed: Applicability of Article 20.6 of the Inheritance and Gift Tax Law in the event of a donation of interests in a Co-ownership by a father to his two daughters.
To apply the reduction provided in Article 20.6 of Law 29/1987 regarding the transfer of interests, the donor must be entitled to the exemption in Wealth Tax. In the case of Co-ownerships (Comunidades de Bienes), each co-owner must ensure that the activity is their primary source of income, meaning that at least 50% of their Personal Income Tax taxable base must derive from said activity. Furthermore, the donees must retain the acquired interests and the right to the wealth tax exemption for ten years.
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