inheritance of the Uk assets for a spanish resident

[amarafie]

Hi there,

Could you please explain the two cases for an inheritor and applicable tax for a Spanish Resident more than 10 years in Almeria, Andalucia.

1- If the inheritor is a Spanish Resident then what tax will be payable on cash/property receiving in Spain from the deceased from a close relative in Spain who was not Spanish resident?

2- If the inheritor is a Spanish Resident then what tax will be paybale on cash/ property receiving in Spain from the deceased from a close relative in the UK and who was not Spanish resident?

Appreciate your help and thank you.

Regards,

AM

[Raymundo Larraín Nesbitt]

Morning Amarafie,

This is explained in my article Changes to Spain’s Inheritance and Gift Tax Law – 21st February 2015.

In both cases the inheritor is liable for Spanish Inheritance Tax. More on this tax in my articles:

 

• Spanish Inheritance Tax for Non-residents (Part I) – 8th March 2016
• Spanish Inheritance Tax for Non-residents (Part II) – 8th March 2016

I. Inheritance Rules

a) Deceased is non-tax resident. If the deceased was resident in a Member State of the European Union or else in the European Economic Area (non-tax resident in Spain) the beneficiary will now benefit from:

• The regional tax allowances where the majority of the assets of the deceased are located in.
• If there are no assets in Spain, the rules of the Autonomous Community where the beneficiary lives apply.

b) Deceased is tax resident and beneficiary is non-tax resident. If the deceased was resident in Spain and the beneficiary is resident in a Member State of the European Union or else in the European Economic Area (non-tax resident) he will benefit from:

• The regional tax allowances where the deceased lived.

Regards

 

• This reply was modified 5 years, 6 months ago by Raymundo Larraín Nesbitt.

[amarafie]

Many thanks Raymundo for your reply and helpful information.

[Raymundo Larraín Nesbitt]

You are welcome Amarafie.

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