The Municipality of Los Realejos announces that it will reduce Up to 95% capital gains tax for inheritances to “reduce the economic burdens on relatives who receive a property by succession due to the death of the owner”, according to the local government. The first deputy mayor, Adolfo Gonzalez (PP)and the councilor for the Treasury, Dario Perez (PP)advance the proposal that the local government will take to the next plenary session to approve «an amendment to the tax ordinance in order to reduce this municipal tax by up to 95%.
Corresponds to the municipalities of Spain tax the increase in the value of the land in which a real estate property is housed from its first purchase until the moment of a transmission, whether by sale, donation or inheritance. This tax on the increase in the value of goods of an urban nature is known as municipal surplus valueand in the case of inheritance, the heirs must pay it.
Pérez details that «the 95% bonus could be made effective for inheritances of habitual residences and land affected by the activity of a company carried out habitually by the deceasedbut the 50% discount is also considered for additional properties, if the cadastral value of the land is less than 150,000 euros.
“With this measure we intend to alleviate the obligations that we consider grossly disproportionate when any citizen receives an inheritance due to the death of a family member and entails financial outlays that are often unaffordable, taking into account that the inheritance and donation tax regulated by the autonomous communities often puts heirs in debt and even leads them to resign to the same”, values Adolf Gonzalez.
“This is, therefore, our contribution from the local level to make the inheritance succession of our neighbors less burdensome”, he highlights. the first deputy mayor of Los Realejos.
“There are many Canarians who have had to reject inheritances for not being able to assume tax payments and the administrations cannot be complicit in this situation”
The mayor of Los Realejos, Manuel Dominguez (PP)has insisted that “there are many Canarians who have had to reject inheritances for not being able to assume tax payments and the administrations cannot be complicit in this situation, so we have to take the baton from some town halls that have already implemented this measure of the tax credit for municipal capital gains”.
