spanish tax
#16
Re: spanish tax
Assuming they are tax resident in Valencia (usually for 5 years) then 99% of the value of the inheritance is excluded so only 1% is taxable. The basic allowance in Valencia is €40k rather than the usual €16k so it is very unlikely that any tax would be due.
Unlike the rules in other areas there are no limitations to this and the requirement to keep the house for 10 years doesn't apply.
It's a good place to die!
Unlike the rules in other areas there are no limitations to this and the requirement to keep the house for 10 years doesn't apply.
It's a good place to die!
#17
Re: spanish tax
The double taxation treaty does not specifically cover IHT but you can still offset tax in one country against tax paid in the other under the provisions of Unilateral Relief.
#19
Re: spanish tax
It's changing all the time as regions introduce new rules.
Andalucia, Murcia, Valencia, Madrid, Castille y Leon, Balearics and Canaries to name the main ones.
Some are more generous than others and the rules can be quite complicated.
It's mainly a PP initiative so with the chance of them regaining power across the country it can only get better.
Andalucia, Murcia, Valencia, Madrid, Castille y Leon, Balearics and Canaries to name the main ones.
Some are more generous than others and the rules can be quite complicated.
It's mainly a PP initiative so with the chance of them regaining power across the country it can only get better.
#20
Re: spanish tax
How does that work as they are different taxes?
I really am interested if this is the case - thanks.
#21
Re: spanish tax
The taxes may have different names but Inheritance tax is Inheritance tax!
Have a look at these links
http://www.hmrc.gov.uk/manuals/ihtmanual/IHTM27185.htm
http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm27187.htm
Have a look at these links
http://www.hmrc.gov.uk/manuals/ihtmanual/IHTM27185.htm
http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm27187.htm