inheritance of the Uk assets for a spanish resident

This topic contains 3 replies, has 2 voices, and was last updated by  Raymundo Larraín Nesbitt 3 weeks, 4 days ago.

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  • #216501

    amarafie
    Participant

    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

  • #216525

    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:

     

    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

     

  • #216634

    amarafie
    Participant

    Many thanks Raymundo for your reply and helpful information.

  • #216672

    You are welcome Amarafie.

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