Inheritance tax

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05 Oct 2012 7:14 PM by polly3 Star rating. 2 posts Send private message

Please can someone answer me a question.

I purchased a property fot 243k euros which was valued by the bank at 300k euros at the time.  There is still an outstanding mortgage of 170k euros and I am guessing that this is probably around its current value.  There are 3 names on the lease. (all fami;y)  What would the inheritance tax liability be?

Thanks

 





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06 Oct 2012 4:49 PM by johnzx Star rating in Spain. 5242 posts Send private message

That is just about an impossible question to answer
 
In Spain, inheritance tax is changed on the person inheriting, and depends on many things, family relationship,  not related, resident or non-resident, and their wealth.
 
And then to add to the confusion, the tax is assessed by the region.   Although there is a maximum permitted by central government, each region can change that amount provided it does not worsen the situation for the person paying.
 
If you really need to know, speak to a solicitor or accountant,  and then hope that get it right !
 
PS However, if the property is not worth the amount outstanding on the mortgage, then  there would be nothing to inherit !





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08 Oct 2012 10:26 PM by polly3 Star rating. 2 posts Send private message

Thank you for reply.  Who decides what the property is worth?





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09 Oct 2012 7:30 AM by johnzx Star rating in Spain. 5242 posts Send private message

 

When you buy/sell a property  a notary (maybe solicitor etc too) have a web page which they can consult.  It shows the category of the property and then the price per M2. 
 
I would guess it is a Hacienda page.
 
Rather like when one makes a Patrimonial Tax Return (if they are resident and above the allowance, one can find the current value of say their car)  I got a list once from the Hacienda showing the values for cars according the model and age.  It is probably the same for properties. 

 





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