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Help with property and inheritance tax
Hello, can anyone help with my question. My mother lives in Spain and has gifted her house to me and my sister but will still continue to live in the property. I live in the UK. My sister lives in Spain and dealt with the gifting and we have all the legal documents to prove we have followed the Spanish rules and paid all monies due when gifting the house.
When my mum passes and my sister and I inherit half each of the property, the property will be sold. My queries are:- Once my mum has passed I will legally own half a property do I need to declare this to the Inland Revenue in the UK Once the property is sold and half of the monies are transferred to me (will be around £50,000 euros) will I be liable to pay tax on this in the UK What is the best way to transfer this money from Spain to the UK and what legal implications there are, if any ? Thank you any help appreciated. |
Re: Help with property and inheritance tax
Surely if she has gifted you the property, you are now the legal owner irrespective of the fact that she still lives there. I assume you have paid gift tax on the transaction. You cannot inherit something you already own. |
Re: Help with property and inheritance tax
Originally Posted by Fred James
(Post 12638883)
Surely if she has gifted you the property, you are now the legal owner irrespective of the fact that she still lives there. I assume you have paid gift tax on the transaction. You cannot inherit something you already own. My thoughts exactly. |
Re: Help with property and inheritance tax
Ok thank you understood reference my first query, good point.
Any guidance on the other two points? Once the property is sold and half of the monies are transferred to me (will be around £50,000 euros) will I be liable to pay tax on this in the UK, What is the best way to transfer this money from Spain to the UK and what legal implications there are, if any ? Thank you for your help. |
Re: Help with property and inheritance tax
Originally Posted by Jeffery60
(Post 12640209)
Ok thank you understood reference my first query, good point.
Any guidance on the other two points? Once the property is sold and half of the monies are transferred to me (will be around £50,000 euros) will I be liable to pay tax on this in the UK, What is the best way to transfer this money from Spain to the UK and what legal implications there are, if any ? Thank you for your help. In terms of tax, you may have CGT to pay in UK and you may have to pay it here too if you are tax resident. Best get professional advice |
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