Ways on How to Avoid Inheritance Tax on Spanish Property
Dear Raymundo, thank you so much for your advise, I now have a clearer picture and know what to do. I will not be putting my property into a UK company, I believe, like you say, there will be no real gain for myself or my heirs. I final question, I came to Spain in 1986 and contracted the construction of my home, all paperwork was signed before December 1986 but the property was finished in 1988 and that is when i got the deeds. Does the fact that i contracted the property before december 1986 exempt me for capital gains or not?
Ways on How to Avoid Inheritance Tax on Spanish Property
Inheritance Tax: A Cynical Approach -13th January 2010. Very enlightening, i advise everyone who is considering putting their property into a UK based company to read this.
Ways on How to Avoid Inheritance Tax on Spanish Property
Thank you once again...very helpful.
Ways on How to Avoid Inheritance Tax on Spanish Property
Hi Lawbird Lawyer,
You mention a 99% reduction on the taxable base for a resident beneficiary.
What is meant by taxable base?
Presumably that includes a resident spouse so does that, in effect, virtually wipe out IHT on first death?
Ways on How to Avoid Inheritance Tax on Spanish Property
My father recently died and has willed his property in Tenerife to my sister and I (all non-residents). It is valued around Euro260,000. Our pre-existing wealth is <Euro402,678.11. Am I right in thinking that our IHT liability each is 260,000 /2 = 130,000 less 15,956.87 = 114,043.13 x 16.15% ?
Many thanks, Lotty
Ways on How to Avoid Inheritance Tax on Spanish Property
I am 69, my wife is 60. May I ask if IHT is based on the possible sale price of my house, or the actual build value of the house (i.e a possible sale value of our house is 450,000, but the build value is around 150,000. (No mortgage) We both have Spanish wills, leaving everything to each spouse, and, in the event we both die, leaving the house to our son who lives and works in the UK. Between us we have a small pension and have a limited amount of savings. How can I calculate how much IHT either of us would pay in the event of one of us dying, or the amount that would have to be paid by our son should we both die. Would you recommend any particular method for us to try and reduce the amount of IHT to be paid. We live in Alhaurin El Grande, Malaga. May I say many thanks indeed for any help/advice you can offer.