What are all the legal inheritance and inheritance tax forms required from Sabadell bank and Wise bank?

Posted: Sat Mar 9, 2024 11:29pm

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Kim007

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Location: La Romana

Joined: 28 Sep 2021

Late mother passed away in England; she has 3 direct heirs. She had a Spanish Sabadell bank account in Alicante. Proceeds from the sale of the Spanish estate remained in her Sabadell bank account, which also shows transactions made with Wise online merchant bank account.

Does anybody know what are all the inheritance legal forms and inheritance tax forms required?

How can all the heirs receive the money, cancel and close her Sabadell bank account in Spain (or England)?

Does this financial inheritance need to be declared in Spain (SUMA inheritance tax office) and England (HMRC)?

She also had a Wise (formerly TransferWise) online merchant bank account, so does anybody also know what all the he inheritance legal forms and inheritance tax forms required? How can all the heirs receive the money, cancel and close her Wise online bank account in Spain and England?

Are all the forms to be signed, dated and completed by all the direct heirs?

All information is warmly welcome.

Thank you.

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Posted: Sun Mar 10, 2024 8:32pm

Kimmy11

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Location: Formentera Del Segura

Joined: 8 Aug 2017

Posted: Sun Mar 10, 2024 8:32pm

Hi Kim,

First of all, you and your siblings will each need a Spanish NIE ("Número de Identidad de Extranjero") number, a unique tax identification number assigned to any foreign citizen to enable them to carry out fiscal procedures. You can each apply for an NIE either at a National Police station in Spain, or via a Spanish Consulate in the UK at London, Manchester or Edinburgh, depending on where each of you is located in the UK.

Then you'll need to visit the bank in person, or you could give a Spanish lawyer your Power of Attorney to represent you, where the bank will require you to provide the following documents:

- proof of the inheritors' identities,

- your mum's Death certificate which, as she passed away in the UK, will need to receive the Hague Apostille and be translated by a sworn translator,

- and a Certificate of her Last Will and Testament.

Hopefully, she made a Spanish Will under the Law of England and Wales? In any event, Spanish national law (the Law of Obligatory Heirs) prioritises the children of the deceased as inheritors and the allowances applied to such beneficiaries in the autonomous region of Comunidad Valenciana means you may pay little or no inheritance tax, but you will still need to file the relevant tax submission. Regarding any IHT due and how to pay it, these links should help:

https://administracion.gob.es/pag_Home/en/Tu-espacio-europeo/derechos-obligaciones/ciudadanos/familia/sucesiones/normas-fiscales.html

https://www.expatica.com/es/finance/taxes/inheritance-tax-in-spain-102092/

Regarding tax liability in the UK, funds received from an overseas inheritance are not liable to income tax. However, you may have to declare any interest that accrues when the sum is deposited into a UK bank account:

https://www.gov.uk/inheritance-tax/when-someone-living-outside-the-uk-dies

In respect of the money in the Wise account, this should help:

https://wise.com/help/articles/72O0jJOzvZsd2DOy9gV6na/how-we-can-help-you-when-someone-with-a-wise-account-dies

Kind regards,

Kim