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Inheritance tax
Posted: Tue Apr 4, 2023 3:41pm
Helpful member
I understand the is an inheritance taxidermy have property here in Guardamar is this a percentage after Googling it getting lots of conflicting info thanks
Posted: Tue Apr 4, 2023 6:38pm
Super helpful member
Most important is that the inheritance tax declaration must be submitted not later than 6 months after death. Failure will result in heavy fines, late fees etc. The tax amount(s) deopend on the personal corcumsyyances of the heir(s). The "Declaracion sobre Impuestos de Sucesiones" has more than 30 pages.
Posted: Wed Apr 5, 2023 9:42pm
Legendary helpful member
It also greatly depends on the actual relationship of the deceased to the inheritor, there is a sliding scale of taxes payable, gradually increasing the more distant the relationship. However, not even spouses inherit tax free, and children’s tax liability is dependent upon their ages. You would be well advised to take professional advice as this can be a minefield.
Posted: Thu Apr 6, 2023 9:47pm
Legendary helpful member
Hi Beryl,
Inheritance Tax is set at a National government level, but historically can be varied by the Regional governments. In C.Valenciana, an additional discount for the spouse of the deceased often resulted in no IHT being incurred, but there was talk last year that the Spanish government was going to overhaul the system and stop the Regional governments from applying these additional discounts. I would highly recommend you contact an expert in this field and would recommend Abaco Advisers in Torrevieja - they are our tax advisors and also the company who handled the inheritance process for my friend, after her husband died.
Kind regards,
Kim
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