Spanish Inheritance Tax: Advantages of Making a Will in Spain
This is the discussion thread for the article Spanish Inheritance Tax: Advantages of Making a Will in Spain
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A wonderful article. Very reassuring for me (and my children) as I fit into scenario 2. Indeed, I have three children, which makes even more room for no IHT if prices one day rise again.
There are too many so called experts, normally working as tax advisors, posting unfounded or incorrect information on the many forums I visit.
Spanish Inheritance Tax: Advantages of Making a Will in Spain
This article should be printed and included in all English language newspapers in print in Spain at last once a year as it simplifies what almost nobody knows to the point that people who have no knowledge of Spanish laws can easily understand it.
Thank you for a fine article.
Spanish Inheritance Tax: Advantages of Making a Will in Spain
Is it not that these exemptions are only for resident inheritors and do they carry time penalties if you sell the property soon after inheriting.
Also if I leave my property to say a UK company no tax is payable anyway.
Spanish Inheritance Tax: Advantages of Making a Will in Spain
Thank you for a long response, but I do detect a slight frustration to this question.and you have not answered the question ,I have taken advice from Snr David Ivars in Benissa a Abagado and Snr Jaime Vives a Econamister in Calpe . They both confirm that a UK registered company does not pay Spanish IHT I just wanted final clarification to this they also confirm that a Spanish Will is not required as long as you have a UK Will that deals with your movable and immovable assets in Spain. Please just tell me if this is correct or not and by the way my wife and myself have a property in Valencia region and we are not residents but if we do leave our property in a UK Company then no IHT is payable in any region is that correct? Thank you for your time and answers
Spanish Inheritance Tax: Advantages of Making a Will in Spain
after rereading your response, I wonder how the Spanish government could tax a UK Company after signing the EU treaties that it has done especially if the company is registered ,operated and controlled from the UK and submitting to UK taxation. The Spanish government may wish to tax UK companies but I do not think they will break the treaties as this would have a reverse effect.The other benefit is that if you have 4 children they would all have to have NIE numbers and probate individually in Spain at a not insignificant cost.If the property is left to a Company they own then no Probate no NIE numbers and No Tax is that Correct? We also have the problem that a property in Spain is subject to UK IHT and added to the UK Estate as My Wife and I have assets in the UK at a value over £650,000 Then we would also pay 40% tax in the UK on the Spanish asset. I am told by my UK accountant that a UK Company may be able to shelter from some of this tax with careful planning.your respected reply will be gratefully received