There are many benefits to obtaining expert advice from a lawyer. A lawyer is familiar with the required procedures, deadlines, potential claims and other relevant matters, helping to simplify tasks that can be complicated for those directly affected.
Although certain taxes, such as Inheritance and Gift Tax, are compulsory, others, such as municipal capital gains tax, may not be payable in every case. It is essential to complete the necessary procedures within the prescribed deadlines to avoid penalties of up to 50% of the amount due. For example, if the municipal capital gains tax payable were €4,000, missing the deadline could increase the amount payable to €6,000.
As regards capital gains tax arising from inheritances, the deadline for payment is six months from the date of death, although an extension of up to one year may be granted if requested within the prescribed period. Special tax relief of up to 95% may be available where the property was the deceased’s main residence or the business premises where they carried out their professional activity.
Therefore, professional advice is essential to ensure that you qualify for any applicable tax relief, file self-assessments on time and using the correct property values, submit any claims or requests for clarification within the relevant deadlines, and avoid penalties or overpayments.