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Help with property and inheritance tax

Help with property and inheritance tax

Old Feb 18th 2019, 3:25 pm
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Default 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.

Last edited by Jeffery60; Feb 18th 2019 at 3:27 pm. Reason: spelling
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Old Feb 18th 2019, 3:53 pm
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Default 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.
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Old Feb 18th 2019, 4:00 pm
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Default Re: Help with property and inheritance tax

Originally Posted by Fred James View Post
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.
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Old Feb 20th 2019, 1:14 pm
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Default 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.
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Old Feb 20th 2019, 1:19 pm
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Default Re: Help with property and inheritance tax

Originally Posted by Jeffery60 View Post
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.
The easiest and cost-effective way to transfer it here is using a currency transfer company (like TransferWise).

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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