Nowadays, banks, savings banks, financial entities and all companies or individuals that lend money have a selection process to determine who they lend capital to.
Even the companies of online loans , loans without payroll or fast credits through Internet, can seem that they did not put great obstacles to grant the money, but when it comes to considerable sums they take a little more time to study the case and dismiss it , If necessary.
That is, access to money loans of considerable amounts is not for everyone.
Fortunately many parents and grandparents are there to give the push that many need to buy a house, a car or get out of debt. But that money that parents or grandparents can ‘loan’ does not escape the eyes of the Treasury.
Loans between individuals are growing in recent years, so it is normal that the state wants to regulate them.
There is no official statistics on this type of transactions, but the money leaves a trace and there are many who take advantage of family ties to commit fraud.
Whether you are lending money or receiving it from a relative, you have to know that the Treasury could confuse your loan with a covert donation, and force you to pay the Transfer Tax and the Documented Legal Acts that can amount to large percentages of the total, depending on the Autonomous Community where the parties reside. On the contrary, money loans are exempt from tax.
To avoid such confusion to the administrative body that watches our pockets and you a dislike, it is advisable then that the loan be made with all the requirements required by the laws in force.
A loan contract must be entered into between the parties that is registered either by public deed or by private contract. In any case, the document must be taken before the Treasury office of the Autonomous Community where the parties reside and the Tax on Patrimonial Transfers and Documented Legal Acts be self-assessed, with a zero cost (€ 0.00) since this operation is considered exempt from pay for it In this way, with a document in date and with seal of the entity to which it concerns, the operation is in law.
In the drafting of the document, the following are compulsory:
- The parties involved
- The loan amount
- Form and time of return
- The interests, or in this case the gratuity of the same ones
It is important, if you are obliged to file the declaration for Wealth Tax, that this transaction is reflected, as a debt and as a right to credit respectively at the end of each year of the life of the loan.
Many problems can be avoided when documenting a family loan. The borrower can always justify the money that has entered into his account without risk to be confused with a donation or an unjustified increase in his assets. Also, although family ties are very strong and no one believes that a loved one is going to misbehave, this type of loan certified to the administration can be claimed more easily in case of default.