making a will after Brexit
Apr 13th 2021, 12:23 pm
#16
BE Forum Addict
Joined: Jul 2012
Posts: 1,014
Re: making a will after Brexit
My wife & I made Spanish wills when purchasing our property in 2004. The will left the property to our son & daughter. We are all non-resident and live in the UK, just visit Spain. Interesting to note from DFX's post that Ownership of property can be transferred but with strings attached. Responses indicate some sort of Transfer tax. Anyone actually done such a transfer and if so what was the protocol and cost? Or would letting the children inherit the property be a cheaper route (for the children). TIA
Not sure what else they would pay though. They will need NIE though.
Depending where you are the tax thresholds for Inheritance tax varies. Here in the Valencia region the first €100,000 is tax free, for residents. Not sure but think its 0 for non. (could be wrong)
When we purchased the flat a couple of years ago, we put our son on as a third owner, after this year he will be the only one paying non res tax as we are now resident. He will inherit our shares of the property completely free of any taxes when we die.
Small price to pay for peace of mind (when you think its now 24% of 1.1% of the value) each year. Was 19% but Uk now 3rd country....
