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Plus Valia tax
Does Plus Valia Tax have to be paid in addition to Inheritance tax when, as a result of a will, it is transferred and not sold ?
I have just been asked by my lawyer to pay E4500 on top of E500 already paid for Plus Valia Tax. I have no idea how it is calculated - can this be checked
My Husband died in 2006 and left his 50% of the property in Puerto Banus equally to our 3 children. The value at the time of death was approx E300,000 on an original purchase price of approx E100,000.
Regards Jacky
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Dear Madam,
Yes it's paid on top as well. It's a local tax.
As your husband died in 2006 the tax still has to be paid.
You've been asked to pay for 5,000€ for plus valĂ*a tax on a 300k property?
Have I understood correctly?
Or did you mean to write that the plusvalĂ*a tax had been only 500€?
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Plus Valia Tax
Thanks for your prompt response.
Yes I had paid E500 to my lawyer in March this year but at that time he had not mentioned that further payment would be required. He has now asked for a further E4500 ie E5000 in all. He has not given me any official evidence of this request and although I have no reason to believe he is not acting in my best interests, I still have no explanation from him.
I do understand from you that it is a tax I have to pay in the circumstances mentioned.
However, a second opinion is felt necessary and I would like your view as to whether a total of E5000 sounds reasonable given the values of the property mentioned in my last message.
Jacky
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Dear Jacky,
You're welcome.
A lawyer normally charges 5,000€ plus VAT for an inheritance procedure, to this you must add the paying the Spanish Inheritance tax and plus valĂ*a tax (if applicable).
I doubt you are being charged 5,000€ for plus valĂ*a tax in Marbella on 50% of a 300k property bought in 2006.
It's just impossible. More like 300€.
I'm quite sure that what's happened is that you have not been provided with a full breakdown of fees, expenses and taxes on this procedure.
Request a full breakdown and you will avoid further misunderstandments. Besides, it's your right to request it.
Yours faithfully,
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Plus Valia Tax
Thank you so much for your advice. It has been very helpful to know roughly what the costs should be. I will get back to my lawyer and ask for a breakdown of my tax liabilities and costs and hope it clarifies my inheritance taxes position.
I will let you know if the issue is resolved.
Kind Regards
Jacky
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You're welcome Jacky.
It's your right to request a full breakdown of expenses and fees.
Yours faithfully,
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