worried when i die!!!!!

Please can anybody tell me what to do. I am 72 years young and in ill health i jointly own my villa with my wife. We are both residents of spain and pay our taxes regularly (although they are zero) our villa as shown on the title deeds value 95,000 euros, if i die what can my wife expect to have to pay? We do not have any savings and live on just a state pension from the uk. I am that worried that i think it best that we sell up and move back to the uk and hope we can find a cheap property there. Is there anyway that spain would in the future abolish iht on estate worth less than 100,000 euros? How can they expect spouses to find the sort of money they want? I have read all your pages but would like a more recent update on the situation. Thanks any help appreciated,
spaniardo13

Hello Spaniardo13,

As you are a Spanish resident, and your property is only worth 95.000 Eur, you would be exempt of IHT considering your family relationship and the fact that you are residents using the property as usual dwelling; the tax is usually applicable only a certain amount of money. You must also meet other requirements such as: Property jointly owned by spouses, having lived there for at least two years and that the surviving spouse lives in the property for at least the following 5 years ( unless he/she passes out in the meantime ).

Where residents inherit in Spain, the assessment and collection of taxes depend on the regional authority; for instance, the Tax is applicable after the first 175.000 Euros in Andalucia.

Regards,