Carga on a Nota Simple

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This topic contains 5 replies, has 3 voices, and was last updated by Profile photo of mariadecastro mariadecastro 10 years, 2 months ago.

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  • #52245
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi, I’m hoping one of our Spanish lawyers could shed some light on this for me please.

    I’m looking at a Nota Simple for a finca and under “Cargas” with a date in 2002, it says:

    “Afección: Presentada a Sucesiones exenta de pago con un plazo igual a 5 anos.”

    The finca is owned “nuda propiedad” by one individual with another having “titular con caracter privativo, del usufructo de la totalidad de esta finca, por el titulo de herencia.”

    As I understand it, this is saying that the property is exempt from inheritance tax for a period of 5 years.

    Now, firstly I’m not sure how anyone, other than Hacienda, can declare a property exempt from inheritance tax, could anyone explain? And why 5 years? I understand usufruct.

    Also when the period of 5 years is up, which will be in 6 months’ time, what happens then? TIA.

  • #65882
    Profile photo of Anonymous
    Anonymous
    Participant

    No ideas anyone?

  • #65919
    Profile photo of Anonymous
    Anonymous
    Participant

    I don’t know the answer to this one – but I am sure your local notary or property registrar does. If your Spanish is up to it – just visit their offices early in the morning and ask. As public officials they are invariably helpful and knowledgable.

  • #65972
    Profile photo of mariadecastro
    mariadecastro
    Participant

    The afección is a kind of legal mortgage over the property, but this is just in the theoretical mortgage´s law. What it really means is that the adquisitors of that property by title of inheritance declared it was exepmt of paying any kind of inheritance tax ( which mey be perfectly truth as Inheritance taxes has lots of reductions, exemptions… in Spain). As it is done by an owner´s or citizen´s autoliquidation of the tax, the Administration has 5 years to bring a complementary declaration in a contrary sense. Once that deadline is reached the right of the administration to ” complement” the autoloquidation is over.

    Hope that helps!

    Have a good weekend you all!

  • #65985
    Profile photo of Anonymous
    Anonymous
    Participant

    Thank you Maria, as always.
    By the “Administration” I take it you mean Hacienda?
    What would happen if the property were to be bought by someone before the 5 year period is up?
    And how would you find out if any “complementary declaration” had been brought in the meantime?

  • #66065
    Profile photo of mariadecastro
    mariadecastro
    Participant

    By Administration I mean ” Hacienda”.
    EVen if the house change hands it will be liable of the tax.
    Just the Autoliquidators can know if a complementary declaration is issued.

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