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Thread: Spanish Inheritance Tax: How much is it?

  1. #91

    Default

    Dear Sir,

    In Spain, when an individual inherits property, the inheritance tax applicable must be paid by the inheritor/s according to their share in the inheritance, being there many circumstances to be taken into consideration in order to make the exact calculation of the amount such as province where the assets are, current value of the assets , age of the inheritors, and terms of the will.

    In your message you are indicating you have paid 10% in inheritance tax. Should you have any concerns about the amount paid for the inheritance tax, I advise you to contact an expert solicitor, who will request certain documents from your side so they can check it for you.

    Best Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  2. #92
    Frank
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hi,
    I and my partner moved from uk and have lived here in Tenerife now for nearly five and a half years.We have a bungalow in our joint names and we also have two apartments in a holiday complex and have made wills in Tenerife....I wish to know, as I have read from a lady inquiring with you on this matter whether the surviving partner will be left with a huge IHT bill or whether you would say not as we are resident here and have been for over five years now and have the residencia paperwork stamped by the police department. We obviously pay all taxes we are liable for in Tenerife, but, would appreciate your comments on our situation and whether we need to make further arrangements to reduce any IHT bills and whether we need to contact you....

  3. #93

    Default

    Dear Frank,

    Apologies for this late reply.

    There are many aspects to be considered in reference to IHT to be paid after the demise of one of the spouses. If the spouse that inherits has fiscal residency in the Canary Islands and the inherited property will be the principal residence of the beneficiary, the tax exemption is 95%, which practically reduces tax to 0 %, unless the inherited asset is valued in millions of euros.

    To make a calculation on the estimated inheritance tax, it is necessary to know:

    - Number of assets in Spain
    - If the beneficiary will live in the inherited property
    - Actual value of the assets
    - Parenthood

    Kind regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  4. #94
    sarah
    Guest

    Default Spanish Inheritance Tax: How much is it?

    I am very confused,
    I lost my dad last year and mum this year, they both lived in spain, i am the only inheritor, they have a spanish will and i have taken all the documents ive found to the notory in spain,
    What kind of percentage will i have to pay in taxes as they were residents for over 5 yrs but i am not, the house has still not sold as yet so will i need to find thousands of pounds to pay death duties?
    I was told a certain tax law changed on june 1st 2011 is this correct?

  5. #95

    Default

    Hello Sarah,

    Welcome to the belegal forum.

    Being a non resident heir, the amount of the inheritance tax to be paid will depend on the value of the inherited property and if there is a mortgage on it or not.

    As per the residency issue, even if your parents were residents, the heir in this case is a non resident. If you became a resident, put he supplies in your name and registered at the town hall, you would not pay inheritance tax if the property was to be your usual dwelling.

    We can offer our legal assistance in the process to transfer estate to heirs; please read more about the process here: http://www.lawbird.com/services/view...nsfer-to-Heirs

    Also, please feel free to read the following article written by one of the lawyers at the Lawbird team about the Spanish tax system, there are various examples and scenarios so you can have a clear picture on how the process is and the taxes you may expect to pay.
    http://belegal.com/articles/showArti...-tax-spain-iht

    Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  6. #96
    Milly Brighton
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hello, My house has been in my fathers name since 1988. He has made a spanish will leaving the house to myself & my husband. The catastral value is 83000 euros but the market value would be about 375000. My husband has been registered autonomo to this address since 1988 & we,ve been told this would make a difference re inheritance tax as its obvious its our primary residence. My husband is now in baja. Regards milly

  7. #97
    Thelma
    Guest

    Default Spanish Inheritance Tax: How much is it?

    My partner died two years ago all taxes and debts have been paid by me and the villa is now in my name, the property still has a mortgage which is still in both names, my problem is that the mortgage still has over 3 years to run and I do not now have enough money to pay the monthly fee, I am contesting his UK will but probate has not yet been granted, so my question is:- as his name is still on the mortgage can I (or the Spanish bank) claim payment from the UK estate to pay the mortgage.

  8. #98

    Default

    Hello Thelma,


    In order to give an exact answer, we would need to know under which conditions the inheritance in Spain was accepted so you had the property transferred into your name. If you accepted it in the plain and simple way ( without inventory benefit ), you are accepting not only the assets, but also the debts and charges attached to them; in that case, we understand that you also accepted the responsibility to pay the mortgage and therefore you would not be in your right to claim that the mortgage repayments are covered by the remaining estate of the deceased person in UK, unless you are declared a heir as per the UK probate, and inherit any asset that your partner owned there, so you could have disposition of those assets that would finally help pay the mortgage.

    Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  9. #99
    Keith Harding
    Guest

    Default Spanish Inheritance Tax: How much is it?

    My wife has just died, we are resident in England. We have a property in Tenerife. She has a Spanish will leaving the propery to me or my sons.
    Her Spanish estate is worth less than 70,000 euros.
    What are my next steps and what is the likely tax liability?
    Thank you.

  10. #100
    Emma
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hi I wonder if you could assist me my father died in England in leaving an English will he did not have a Spanish will. He has a property in Spain that he half owned with my step mother. She is now trying to sell the property and inherit in full as per the English will. I understand that under Spanish Law, my fathers children inherit a percentage of the property. Can our step-mother legally sell the property and pocket the proceeds without our approval ??

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