From 2022, the way to calculate some taxes in Spain will be carried out differently. This tax calculation in 2022 in Spain will affect some inheritances, donations and resales.
In this article we are going to focus on how it will affect anyone who wants to make a purchase or is going to inherit. If this is your situation, then you are interested in everything related to tax calculation.
What are the tax changes for 2022?
Currently, when buying a second-hand home, the buyer will have to pay the ITP. It is a regional tax whose impossible base will be the market value. According to the new law, this market value will be the one that appears in the Cadastre from 2020.
The Treasury checks the values of the purchased homes, as it may consider that the buyer has paid less taxes than they should. This is what is known as a value check and this is where we would have to consider the new reference value.
Will the reference value be accurate?
The reference value will be as close as possible to the actual purchase price in most cases.
But what if the reference value were higher than the purchase price? The taxpayer will have to be in charge of accrediting the real value to the Tax Agency to avoid paying higher taxes. This can be done through an official appraisal.
Most market values tend to be below taxable values. It will only be a real problem when we are talking about a higher taxable value.
What are the tax changes that affect inheriting a home?
In the case of property inheritances, taxes would continue to be paid based on the net value of the home that has been inherited. With the tax change in 2022 in Spain, the reference value approved by the General Directorate of Cadastre will be considered.
This value will be updated in December of each year, so it is very likely that it will come into effect for 2022, affecting all inheritances that occur after this date.
If you have any questions on this matter, our lawyers in Marbella will be delighted to answer everything you need in relation to the next changes in taxes for 2022 in Spain.
