Gift Tax Implications

[brian]

Hi

I’m in the fortunate position that my father as part of tax planning is in the process of transferring some properties to myself.

One of the properties is in Spain.

The property in question is worth less / approx same as when purchased.

With respect to gifting the property to myself what are the tax implications for myself given that I am not a Spanish resident (though I am an EU resident).

Is there any threshold allowed before tax has to be paid on property transfers between parent and child as there would be in my home country (Ireland) . Any info here would be greatly appreciated.

With respect to my father, I presume as he is disposing of the asset he would still need to pay any Capital Gains Tax resulting from a positive difference between the purchase price and current value of the property.

 

thank you

 

Brian

[Author]

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