Is the money in the joined account will included in the tax base for Inheritance Tax?

Me and my husband (who passed away recently) have a joined account in the Spanish Bank. We are not spanish residents. Will these money be included in the tax base for the calculation of the Inheritance Tax. May I still use the account or money would be 'frozen'?

Dear Madam,

The joint account will be frozen and the amount will be included to calculate the Spanish IHT taxable base, yes; unless you remove the money prior to it being frozen as you are empowered being a joint account holder.

Please read our article on the matter:

Spanish Inheritance Tax: Advantages of Making a Will in Spain - 3rd September 2009

I quote an excerpt:

Quote:

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2. Drawing up a Spanish will saves taxes to your heirs.

There’s a deadline of 6 months as from the time of the testator’s demise to file and pay Spanish Inheritance Tax. You can request a deferral within the first five months of the death, but heirs may still have to pay the penalty and/or delay interests depending on how late they actually pay. You can also request to fraction the IHT paying in instalments up to five years. After the six months deadline has elapsed your beneficiaries will incur in penalties for late payment typically ranging from 5%, 10% and 15% if paid in the next 3, 6 and 12 months as from the said deadline. If payment is made after 12 months from the deadline a surcharge of 20% is applied besides the accrued delay interests. Bear in mind that deposit monies will be frozen upon death.

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Yours faithfully,
Raymundo LarraÃ*n Nesbitt

Thank you very much for your respond. As far as I understood, only DEPOSIT money will be frozen... money on current account - not? Also if there are 3 account holders, and one of them dies - only 1/3 of the money will be included in the tax base for the Spanish IHT?

Dear Madam,

I do not undertansd your query.

Any money under the decesead's name wil lbe frozen i.e. a current account of course with 4,000€ in it.

I have no idea where you get that only 1/3 will be frozen.

Yours faithfully,

Dear Sir or Madam

Thank you again for the information. Account of the deseased will be frozen.
My question is - if there are 3 account holders, and only one dies -in inheritance of the deseased will be included only 1/3 of the money in the bank?

Kind regards

Yes correct, 1/3 if there are three holders.