One of the main novelties introduced in the Law 11/2021, of July 9, on measures to prevent and fight tax fraud, is the modification of the tax base in the Tax on Patrimonial Transmissions and Documented Legal Acts, as well as in the Tax on Inheritance and Donations, replacing the term "real value" by the concept of "value", equating the latter to the market value , defined as the “most probable price for which a good could be sold, between independent parties, free of encumbrances”.
In the case of real estate, it is established that the taxable base is the reference value provided for in the Real Estate Cadastre Law. The method to obtain said value will be determined from the amounts of the operations carried out before public notaries. In October of each year, the assessment modules that will be taken into account by the cadastre will be published. In December 2021, the reference values will be published in the BOE that may be consulted by any taxpayer in the Electronic Headquarters of the Cadastre. As of January 2022, the published reference values will take effect.
Said modification will also be applied in the valuation of real estate in the Wealth Tax. This will affect many taxpayers, who will become obliged to declare assets, as the taxable base of the properties increases. In the Valencian Community the minimum exempt from 2021 is € 500.000. If the autonomous community in which you reside has not regulated the exempt minimum, the state one will apply, which amounts to € 700.000. Anyone who is a real estate holder must plan their assets to mitigate this disguised rise in taxes.
In the explanatory memorandum of the aforementioned Law, it is mentioned that the main purpose of this amendment is to reinforce legal certainty to end litigation in the field of securities verification, since the Supreme Court has determined in recent pronouncements that the method coefficients is not ideal given the generality and lack of relationship with the valued good. In our opinion, we doubt that this substitution will end up solving the problem, since it also provides for the direct challenge of the modules, as well as through the indirect challenge via rectification of the settlements and / or self-assessments of the affected taxes.
It is a mistake to establish generic valuation methods, since they do not conform to reality by not taking into account the specific situation with respect to each asset transmitted. Is it the same to sell a completely renovated apartment than one without reform? Deep down, we understand that it is an indirect tax increase with a single tax collection effort.
Teresa Giron
Director of the Tax Department of Tomarial
- This article has been published by Emprendedores magazine. From this link you can read the news.
