- November 15, 2015 at 9:35 pm #188196
I read in the October Edition of the free paper Canary News that ‘ The Minister of Finance for the Canary Islands Rosa Davil has announced the government intends to discount 99 per cent of inheritance tax and gift tax on the islands from January 1 2016 which is to be reflected in the Budgetary Law of the Autonomous Region over the next year.Typically rates of tax in Spain are set from Madrid with individual autonomous regions then being left to apply discounts and incentives as they see fit. This is where many foreign residents tend to fall down on available tax credits and reductions due to not properly registering within their localities or seeking advice from local professionals. tHe Canary Islands Autonomous Region is placing itself ahead of recent tax reforms launched last July by the central Government and a reduction to income tax to. to income tax. ‘ Well I hope to find that this will benefit those categories where a multiplier is applied like to those leaving to brothers or sisters- so I await the small print in due course !
- November 19, 2015 at 1:27 pm #188312
Hi Ptr, thanks from the update from the Canaries. Do you have a link to the original source / the same news online? An attractive tax regime in the Canaries, especially as regards IHT, would be a major reason to relocate there for lots of Northern Europeans. Transaction costs are already much lower there than on the mainland. News like that could give the local property market a boost.
- November 20, 2015 at 2:05 am #188319
- November 21, 2015 at 11:48 am #188348
Simon Sutton GeorgeParticipant
Here’s the link to the Island Connections website for Tenerife where it’s mentioned. http://www.islandconnections.eu/1000003/1000043/0/45850/daily-news-article.html
There’s also an article about it on the Blevins Franks site – but I am unsure if I’m allowed to add a link to them from here – Admin?
edit: Sorry for the URL being ‘naked’ (not inside words), but it seemed as if the website wouldn’t allow it.
- This reply was modified 1 year, 8 months ago by Simon Sutton George.
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