Succession declaration, what is it?

The Declaration of Succession must be presented by the heirs to notify the Revenue Agency of the transfer of ownership of certain assets or of the ownership of capital that belonged to the deceased person in life.

It must be filed within 12 months of the opening date of the succession, which generally coincides with the date of death.
Succession practices: instructions for the declaration
PWS provides an assistance and consultancy service for succession practices, supporting the heirs in the preparation of the necessary documentation, in the compilation and electronic transmission of the declaration to the Revenue Agency and in the submission of transfers cadastral.

How is the tax paid?
When the Declaration of Succession is presented and a property is present in the hereditary assets, it is mandatory to pay mortgage, cadastral, stamp duty, mortgage tax and special taxes.

The calculation of these taxes takes place through the “self-liquidation” mechanism, ie it is the taxpayer himself who calculates and pays them without direct intervention by the financial administration. The debit is made to the current account in the name of the declarant, or the person in charge of the electronic transmission, identified by the relative tax code. For this reason, when filling in the Declaration of Succession, the Iban code of the current account must always be indicated on which to debit the sums due plus the tax code of the current account holder.

In addition to these taxes, inheritance tax, that is the actual tax applied as a percentage of the assets of the inherited assets, could also be due. In this case, the obligation or not to pay depends on the situation that occurs at the time of death. In any case, this tax, if due, is paid by the Revenue Agency on the basis of the declaration presented.

 

Requirements

 

They are obliged to submit the Declaration of Succession:

  • the heirs, those called to the inheritance and the legatees (provided they have not expressly renounced it or – not being in possession of the inheritance assets – request the appointment of a trustee of the inheritance, before the deadline set for the presentation of the Declaration of Succession) or their legal representatives,
  • those placed in possession of the goods, in case of absence of the deceased or declaration of presumed death,
  • the administrators of the estate,
  • the curators of the existing inheritances,
  • the executors of the wills,
  • the trustees.

However, there are cases in which one is exempted. In fact, there is no obligation to declare if both of the following conditions are met:

  • the inheritance is devolved to the spouse and relatives in a straight line of the deceased,
  • the hereditary assets have a value not exceeding 100,000 euros and do not include real estate or real estate rights.

 

 

Succession declaration: how to get it?

 

PWS, thanks to the experience and professionalism of its operators, assists the heirs in the preparation of the necessary documentation, in the compilation of the declaration of succession, in the preparation of cadastral transfers and in the calculation of the taxes due.