I received a vehicle from my uncle as a donation. Is this subject to any taxation, and if so, what is the tax rate and who is obliged to pay it?

The donations classified as being gratuitous transfers in terms of Stamp Duty are subject to the incidence of this tax under article no. 1 of the Stamp Duty Code.

In accordance with article 2, paragraph 2 of the same code, in these transfers taxable persons are those for whom the assets are transferred. It should be noted that in case one of these persons are married or are in a civil partnership, direct descendants and direct relatives in the ascending line would be exempt from tax payment in accordance with article 6 of the Stamp Duty Code.

In the case of a car, the taxable amount, in accordance with article no. 14, paragraph 2 of the mentioned code, is its market value. Market value corresponds to the difference between the acquisition price and the product of this value by the coefficient of devaluation, in accordance with the table approved under the Ministerial Decree No. 383/2003 of May 14th.

The taxable amount is subject to the rates present in the general table of the Stamp Duty Code, where the amount of due tax is inscribed. In the case of a vehicle, the rate applied is 10%, in accordance with section 1.2 of the mentioned table.

To ensure compliance with all obligations, declaration Model 1 of the Stamp Duty, with respective annexes, should be submitted to the local finance office before the end of the third month after the gratuitous transfers of the asset.

In accordance with article 45 of the Stamp Duty Code, tax on gratuitous transfers is paid in full before the end of the second month following the notification. If the amount of tax due is greater than €1,000, the Tax Authority allows it to be paid in a maximum of 10 installments and in no less than €200 per installment.

The first installment is due in the second month following the notification and the remaining ones should be paid every six months. However, if you pay the total amount of tax until the end of the second month following the notification, you will benefit from a reduction of 0.5% in each installment, with the exception of the first.

For more information, please feel free to contact Guimafluxo.

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