Tag: Impuesto sobre Transmisiones Patrimoniales (ITP)

Modification of the Impuesto sobre Transmisiones Patrimoniales (ITP)

Modification of the

Impuesto sobre Transmisiones Patrimoniales (ITP)

Impuesto sobre Transmisiones Patrimoniales (ITP)

Modification of the Impuesto sobre Transmisiones Patrimoniales (ITP) in the purchase of a home

Law 11/2021 on measures to prevent and combat tax fraud, published on July 10, 2021, modifies the concept of the tax base of the Impuesto sobre Transmisiones Patrimoniales (ITP), creating a new concept that is the reference value.

From January 1, 2022, the Impuesto sobre Transmisiones Patrimoniales (ITP) of real estate will be calculated and settled at its reference value or at the purchase value, using the highest amount that will be determined by the General Directorate of Cadastre and will be informed by the Notary before the sale of the property.