Avoid Spain inheritance Law after Brexit

UK National residing in Spain after Brexit: Do you want to avoid Spanish Inheritance Tax Law being applied to your inheritance? Use Brussels IV now A bit of history An EU Regulation passed in 2012 (650/2012, also known as Brussels IV) brought clarity to European cross-borders … [Read more...]

Are You Being Discriminated Against for IHT?

On March 18, 2015 the Constitutional Court declared unconstitutional the requirement of Article 12a of the Valencian IHT. This article established a 99% bonus on the taxable amount in the hereditary acquisitions for close relatives of the deceased ALWAYS provided they had habitual residency in … [Read more...]

IHT in Andalucia

In Andalucia, when calculating an IHT tax, reduction of the taxable amount will be total, so will not pay IHT tax  if: Condition One) You are a legal resident in Andalucia: Condition Two)  You are, in respect to the deceased:  Group I: A descendant or an adopted children under … [Read more...]

INHERITANCE & BANK ACCOUNTS

QUESTION I have to file the Inheritance tax in Spain and was wondering if I need to include, together with the value of the house I am inheriting, the joint Bank account I held with my deceased husband ANSWER Yes. Otherwise the bank will retain 50% of the money deposited in that Bank … [Read more...]

Inheritance Tax in Spain

Inheritance tax in Spain is paid by the beneficiaries. Submission to the tax is due to either personal or real obligation.   If the beneficiary is a Spanish resident,  provision 6 of Act 29/1987 on Inheritance and Donation tax, makes you liable in Spain for the acquisition  of all the … [Read more...]

Discriminatory conditions in Spanish Tax on Inheritance

Spain tax on inheritance and gift is, in part, contrary to Community legislation according to 3rd of September Luxembourg European Court decision. Spanish current legislation on IHT requests  foreign residents to pay higher taxes than Spanish residents. European  Court considers there is "no … [Read more...]

Conversations about Brussels IV and wills in UK and Spain

QUESTION: With Brussels IV: What if a person has a UK will for their assets in the UK and a Spanish will for their assets in Spain? Surely, as UK had not yet signed up to this rule, British Law will still apply to their UK will, and they would only have to amend it  if the UK signed … [Read more...]

Wills about your assets in Spain

From August 2015 on, Spanish Inheritance Law will be applied to your inheritance if you reside here unless you have signed an explicit will (Spanish will or English will or both of them) where you state that you wish your nacional inheritance law to be applied to your whole inheritance. Please … [Read more...]

What you need to pay when selling a property in Spain

When you sell a property in Spain there are some expenses that you need to know about: -PLUSVALIA: It is a local tax. Its Spanish name is "Impuesto sobre el Incremento del Valor de los Terrenos de Naturaleza Urbana", and consists of a municipal tax on the increase in the value of the urban land … [Read more...]

Two interesting links about widows, inheritance and taxes in Spain

These are two different links to Maria de Castro's blog about widows, inheritances and taxes in Spain Legal tip 944. IHT on my usufruct as a widow Legal tip 451. UK-Spain Probate Cases V   … [Read more...]

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