Spanish Inheritance Tax

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01 Feb 2007 2:38 PM by Annie21 Star rating. 368 posts Send private message

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Excuse me guys - but would you like me to leave you on your own?



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01 Feb 2007 2:40 PM by JeansSis Star rating. 2376 posts Send private message

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This message was last edited by JeansSis on 5/16/2007.



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01 Feb 2007 2:43 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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God you never miss a trick do you - someone is going to deliver a bo**?¿&ng for getting off subject - is that fresh weed I can see being rolled?

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01 Feb 2007 2:44 PM by JeansSis Star rating. 2376 posts Send private message

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This message was last edited by JeansSis on 5/16/2007.



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01 Feb 2007 2:45 PM by Annie21 Star rating. 368 posts Send private message

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Handsome chap - all your own teeth Smiley???



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01 Feb 2007 2:48 PM by JeansSis Star rating. 2376 posts Send private message

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01 Feb 2007 2:52 PM by Annie21 Star rating. 368 posts Send private message

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You're nuts both of you!

By the way Smiley you've 'enlarged' - are you the first 'finca'?




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01 Feb 2007 2:59 PM by JeansSis Star rating. 2376 posts Send private message

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This message was last edited by JeansSis on 5/16/2007.



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01 Feb 2007 3:47 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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S'true dont you recognise the smile! Good one Janice - his name is Big Daddy and he has 5 wives - largest Nile Croc in captivity in Europe - he is gorgeous....just like me! Annie thats a bit personal and how could you tell am I on a webcam or something?

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01 Feb 2007 6:00 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Discounts on the payable amounts are applied not just to sons and daughters but also to grandsons and granddaughters.

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02 Feb 2007 5:16 PM by jules1 Star rating in St Ives, Cambridgesh.... 264 posts Send private message

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Hi all,

Has anyone any advice on inheiritance tax issues for single people? I am in that group of people and have found that singles seem to lose out on lots of financial issues.

Julia

 

 


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02 Feb 2007 5:26 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Hi JUles not wishing to make light of your situation but Inheritance Tax is not going to be your problem and it is not exactly you who is losing out - it would be the beneficiary of your estate. I would be inclined to enjoy your asset and let your beneficiary/ies worry about the tax issue - as they say you cannot take it with you There may not even be one subject to what you own and whether it is mortgaged or owned outright.

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05 Feb 2007 12:08 PM by JonathanSebire Star rating. 1 posts Send private message

Hi all,

 

I actually deal with IHT solutions for non resident and resident property owners in Spain through my work. It's a bit of an ever changing problem at the moment and each individual case is unique. If anyone is concerned about IHT i'd be happy to explain in more detail what I do and if I can't help point them in the direction of people who maybe able to.

Cheers

Jonathan

 



This message was last edited by JonathanSebire on 2/5/2007.



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04 May 2007 8:36 PM by estepona buyer Star rating. 1 posts Send private message

so what do the spanish do as I cannot see them paying the tax otherwise there would be a lot more property for sale? We have the same problem as the intial purchase contract document did not include our son.



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09 Aug 2007 6:03 PM by morerosado Star rating. 6927 posts Send private message

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I recently had a flyer pushed through the door from www.propertyoverseas.uk.com & I was amazed by the info it had on the back of it to make buying in Spain more attractive. It said "No inheritance tax for Valencian property owners which includes South Costa Blanca" & I knew this wasn't correct according to Maria de Castro, our resident lawyer on EOS. So I decided to email them, see .........

Good morning,
 
I had one of your fliers arrive through my door. It has "No inheritance tax for Valencian property owners which includes South Costa Blanca" written on the back. Where did you get this information from ? I'd like to read about it for myself.
It wasn't replied to so I resent & this time I had read messages from three people ! Someone has just replied with this ....
Hi
 
Yes we have been advised by our Spanish office that there is NO inheritance tax in Valencia region which covers South Costa Blanca to Parents, Spouses and Children, this law was brought in on Jan 1st this year.
 
You must be a resident in Murcia Region but not in the Alicante Region for this ruling to apply. Inheritance Tax for Murcia is a small amount calculated on the price of the property.
 
Hope that this is of some help.
 
Best Regards,
 
 
Jack Cornelius
Town & Country South West
01225 755811
Jack rather contradicts himself don't you think ? I mentioned this in another thread but now cannot find it, Maria had commented in that thread after I'd said about the flyer. Aha found it by searching Maria's posts. It was in the thread called death duties
 



This message was last edited by morerosado on 8/9/2007.

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30 Nov 2007 12:20 AM by malcroach Star rating in Congleton Cheshire. 13 posts Send private message

There is only one solution to the IHT problem that is to transfer the property in to a UK registered limited Company. You can do this for about 5K plus 1% of the value of the property , in my case it  would save my wife 24000€ tax and 5000€ probate costs and 2 years anguish ,it would cost me the same if she goes first ,then my 2 children would have to probate individually at the same tax and cost each when we are both gone .As it is you are all worrying about what will happen and mine is all being dealt with in my UK estate ,and as my company rents the property for JUNE,JULY and August it is classed as a trading company and will be exempt from IHT in the UK ,I also get tax relief on all my property and traveling expenses ,so my loan account keeps rising and one day i or others can receive it out tax free, the chancellor also helped on the last budge by letting me stay in my Spanish home without any benefit in kind tax from April 2008 so everything is great ,There are lots of other options as well you can gift your loan account to your inheritors without them kn owing ,you can appoint then as directors so they can deal with your asset ,if you are ill ,you can give them share options so that they can take control of the company if you are not capable ,or you can  gift so much per year of your loan account tax free  but still keep control of the asset you can sell the company with the property for 10% less than everybody else by selling the shares ,this means no Lawyers no Notary and no Spanish transfer tax

There are Companies that you can find on google who will help you do this

Its a no brainer




This message was last edited by malcroach on 11/30/2007.

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30 Nov 2007 11:10 AM by ******** Star rating in UK & Murcia. 574 posts Send private message

Thanks malcroach, that's very interesting stuff - will look further into it.

More................you should tell those lying plebs at www.propertyoverseas.uk.com that ALICANTE is in the VALENCIA region.  It ends in the south where the district of Pilar de la Horadada, borders the MURCIA region.  MURCIA is NOT part of VALENCIA.   With twits like that spreading mis-information no wonder agents get a bad name.  Glad you named and shamed.



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30 Nov 2007 12:04 PM by morerosado Star rating. 6927 posts Send private message

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Hi ********

These agents will often stop at nothing to get you on their trips. By saying what they did on their flyers they should be chastised lots.

We are confused enough without all of that.

Name & shame, you're so right.

 



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03 Dec 2007 10:43 AM by pknott Star rating in Costa Blanca. 142 posts Send private message

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Found this...which is a helpfull explanation of the rules in Valencia....

In the Valencian Community, the 99% reduction in succession tax applies only to resident beneficiaries who are the spouse, or direct line descendants and ascendants i.e. natural or adopted children, grandchildren, great grandchildren, parents, grandparents and great grandparents etc. Each beneficiary has a personal ‘Valencian’ allowance of €40,000 plus an extra €5,000 for each year they are under 21 up to a maximum of €60,000. The deceased has to have been habitually resident in the Valencian Community at the time of death.

The 99% reduction in Valencian succession tax also applies to inheritances and lifetime gifts received by any person who is physically disabled (65% or more) or mentally disabled (33% or more). There is no specific mention of residency here so the standard rules that rely on the residence status of the donor and beneficiary will apply in deciding whether the basic State or improved Valencian rules will apply.

Otherwise, lifetime gifts to resident children and parents, but not spouses, whose existing wealth is below €2 million can be relieved, subject to a limit of €420,000 per beneficiary. All gifts from the same donor during the five years immediately beforehand are taken into account. Again, the beneficiaries must be habitually resident in the Valencian Community at the time the gift was made.

The 99% relief does not apply sequentially on the same assets or equivalent value within ten years of either the current donor receiving a 99% relieved gift, or the current donee having made a 99% relieved gift to someone else.

The Valencian Community is not the only autonomous region to introduce a 99% reduction in succession tax for close relatives.

There has also been a possible 100% exemption of succession tax in Andalucia if the wealth of the deceased is no more than €500,000, providing a) the recipient is a close relative (i.e. spouse or direct line recipient), and b) the taxable value of the inheritance received is no more than €125,000, and c) the wealth of the recipient is no more than €402,678. This relief can also apply if the deceased’s wealth is more than €500,000, provided conditions a) and c) are fulfilled.



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13 Feb 2008 9:52 AM by Jakey Star rating. 1 posts Send private message

Iv'e heard you can invest your Spanish homeinto a UK limited company as well as saving on potential Inheritance Tax you can save on Capital gains tax.

Jake





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