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| Costa Blanca Lawyers - Plain speaking Inheritance Tax Planning advice in English from English Lawyers |
Don’t forget that inheritance tax is payable
by the beneficiary and not out of the estate
and should be paid within 6 months of the
date of death.
Whilst laws everywhere are subject to
change it is vital that you know what liability
your beneficiaries have and what the correct
provisions are to ensure that when the time
comes they can deal with what faces them.
Make sure that those who receive a benefit
from your estate know what’s coming. They
may not get the 4 bedroom villa you wanted
them to have, they may get instead a rather
unexpected and large tax bill, with no means
to be able to pay to live in the property.
The most important aspect of all this is that
if taxes are not paid the state will take the
assets.
To add to the complication if you have assets
both in Spain and the UK you may be liable for
further Taxes. It is vital therefore to ensure
that you take advise and take action that will
minimise the impact of inheritance tax against
your estate and those loved one who are to
benefit both here and in the UK.
Call us today for an initial free consultation to
see how we can help in planning your estate.
by the beneficiary and not out of the estate
and should be paid within 6 months of the
date of death.
Whilst laws everywhere are subject to
change it is vital that you know what liability
your beneficiaries have and what the correct
provisions are to ensure that when the time
comes they can deal with what faces them.
Make sure that those who receive a benefit
from your estate know what’s coming. They
may not get the 4 bedroom villa you wanted
them to have, they may get instead a rather
unexpected and large tax bill, with no means
to be able to pay to live in the property.
The most important aspect of all this is that
if taxes are not paid the state will take the
assets.
To add to the complication if you have assets
both in Spain and the UK you may be liable for
further Taxes. It is vital therefore to ensure
that you take advise and take action that will
minimise the impact of inheritance tax against
your estate and those loved one who are to
benefit both here and in the UK.
Call us today for an initial free consultation to
see how we can help in planning your estate.
Your beneficiaries may end up with a large tax bill and not the villa - Be prepared
The beneficiary pays
inheritance tax in
Spain. If inheritance
tax is not paid the
state will take the
assets
Many tax benefits do
not apply if you are
deemed to be a
non-resident
partners are most at
risk to high taxes
Bad planning can
leave your loved
ones with a huge tax
bill
Inheritance tax can be
minimised if you plan
ahead
Just because you
have lived in Spain
for many years this
does not always mean
you are a resident in
the eyes of the tax
authorities
Also see our article
on Inheritance Laws
inheritance tax in
Spain. If inheritance
tax is not paid the
state will take the
assets
Many tax benefits do
not apply if you are
deemed to be a
non-resident
partners are most at
risk to high taxes
Bad planning can
leave your loved
ones with a huge tax
bill
Inheritance tax can be
minimised if you plan
ahead
Just because you
have lived in Spain
for many years this
does not always mean
you are a resident in
the eyes of the tax
authorities
Also see our article
on Inheritance Laws
| Spanish Inheritance Tax |
Many Ex-pats are oblivious of the Spanish
and UK Inheritance Laws and Tax implications.
In the Valenciana Region there are additional
benefits for residents but these do not apply
to non residents. Quite what constitutes a
resident is another matter. Many believe that
because they have lived here for years that
they should be regarded as a resident but
this is not now necessarily the case.
If the beneficiaries are non-resident then
high inheritance tax will undoubtedly be
payable. The amount depends on the value of
your estate, who you are leaving it to and
their wealth. Everyone should be reminded
that under Spanish Law the intention is to
keep assets within the blood line and if you
depart from this then the taxes are higher.
Unmarried couples and gay partners,
whether they are resident or not should take
specific note of this situation. Even though
you may register a partnership with the local
town hall it does not have any effect when it
comes to Inheritance Tax.
There are many ways to minimize
inheritance tax depending upon your
circumstances, whilst at the same time
ensuring that your wishes are carried out.
and UK Inheritance Laws and Tax implications.
In the Valenciana Region there are additional
benefits for residents but these do not apply
to non residents. Quite what constitutes a
resident is another matter. Many believe that
because they have lived here for years that
they should be regarded as a resident but
this is not now necessarily the case.
If the beneficiaries are non-resident then
high inheritance tax will undoubtedly be
payable. The amount depends on the value of
your estate, who you are leaving it to and
their wealth. Everyone should be reminded
that under Spanish Law the intention is to
keep assets within the blood line and if you
depart from this then the taxes are higher.
Unmarried couples and gay partners,
whether they are resident or not should take
specific note of this situation. Even though
you may register a partnership with the local
town hall it does not have any effect when it
comes to Inheritance Tax.
There are many ways to minimize
inheritance tax depending upon your
circumstances, whilst at the same time
ensuring that your wishes are carried out.
| NORTH OFFICE ALFAZ DEL PI Tel 966 860 555 Calling From The UK? 3p per minute anytime Tel 08444 257 633 Contact SOUTH OFFICE SAN FULGENCIO Tel 966 727 931 Contact |
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Tel 966 814 506