Wills.
 

Can anyone advise me please on the following.....

I am a Permanent Resident in Spain and also TAX RESIDENT in Spain.
I have 2 wills......one for my Spanish assets and another for my English assets.

My Spanish assets will go to my spouse.
My English assets will go to my brothers and sisters....plus some to my spouse (who is Spanish)

Am I right in thinking that my Spanish assets will fall under Spanish IHT rules and their rates of Inheritance tax
And my English assets fall under English IHT rules and THEIR rates of Inheritance tax.

Or will the whole lot fall under Spanish IHT and tax rates.

If it makes a difference, my Spanish will states that it is to be adminsitered under Spanish law and my English will states that it is to be administered under English law. I know this is to get round the rules of "forced succession " rules in Spain, but what about tax rates?

Any advice would be greatly appreciated. Basically I am asking about Tax rates......English, Spanish, or both.

Re: Wills.
 

It all come down to the location of the assets and the residency of the beneficiary.

Spanish assets are liable to Spanish IHT whoever receives them. Non Spanish assets are liable to Spanish IHT if the recipient is Spanish resident. Non Spanish assets received by non Spanish residents are not liable for Spanish tax.

Re: Wills.
 

Thanks Fred...Pretty much what I thought.

Any further comments by others are still welcome.

Re: Wills.
 

Any assets held outside Spain which are inherited by someone who is tax resident in Spain (as your spouse presumably is) would be subject to Spanish inheritance tax (may not be a problem in some regions as allowances - at least for inheritances from spouses and parents - are pretty generous now).

Re: Wills.
 

Will we still be able to dictate in our Spanish wills that we want it under our own country´s laws after Brexit?

Re: Wills.
 

As far as I know , yes, we will.