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Hello
We have a notorized will in Spain making UK laws relevant for succession purposes. So if either my husband and I die, the property goes to the living spouse.
My question. What taxes would we have to pay, if resident and over 65, on inheritance and same question if we were non resident?
Posted: Wed Jul 19, 2023 7:20pm
Super helpful member
These links might provide the answer:
https://www.expatica.com/es/finance/taxes/inheritance-tax-in-spain-102092/
Posted: Wed Jul 19, 2023 7:25pm
Helpful member
I should wait a bit for more news on this. The new Valencian president has said that inheritance tax will be scrapped in the Valencian Community. Donation tax too.
We wait and see.
I mentioned the new Valencian government said they would abolish inheritance tax and have been waiting to see if they would.
At a meeting today they announced a 99% reduction in both inheritance and gift tax. They can't abolish it entirely under Spanish legislation as it would be impossible to reinstate it in future parliaments. So with the allowances already granted and now this 99% reduction in tax which will be available to children of all ages, spouses and parents, the new PP/Vox government in Valencia has effectively said there will be nothing to pay. When ratified, this will be backdated to 28th May 2023 which was the actual date of the election/
The next meeting will see the abolition of the tourist tax in the Valencia Region which the new President says "will be quick".
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Posted: Fri Jul 21, 2023 3:03pm
marcliff wrote on Fri Jul 21, 2023 1:07pm:
I mentioned the new Valencian government said they would abolish inheritance tax and have been waiting to see if they would.
At a meeting today they announced a 99% reduction in both inheritance and gift tax. They can't abolish it entirely under Spanish legislation as it would be impossible to reinstate it in future parliaments. So with the allowances already granted and now this 99% reduction in tax which will be avai...
Read more...
...lable to children of all ages, spouses and parents, the new PP/Vox government in Valencia has effectively said there will be nothing to pay. When ratified, this will be backdated to 28th May 2023 which was the actual date of the election/
The next meeting will see the abolition of the tourist tax in the Valencia Region which the new President says "will be quick".
That is really helpful. Let's hope!
Thank you!
Posted: Fri Jul 21, 2023 3:04pm
Thank you!
The new Valencian Government met yesterday and will be pushing for the 99% reduction in inheritance tax as a matter of urgency. This will be backdated to May 28th when the regional elections took place. Anyone paying inheritance tax since then will be able to claim a refund when the law is eventually passed.
The 99% is because they can't actually scrap the law but just amend it. There will be no inheritance tax to pay, though.
Posted: Wed Sep 6, 2023 6:39pm
marcliff wrote on Wed Sep 6, 2023 11:01am:
The new Valencian Government met yesterday and will be pushing for the 99% reduction in inheritance tax as a matter of urgency. This will be backdated to May 28th when the regional elections took place. Anyone paying inheritance tax since then will be able to claim a refund when the law is eventu...
Read more...
...ally passed.
The 99% is because they can't actually scrap the law but just amend it. There will be no inheritance tax to pay, though.
That is fantastic news!
Thank you for the update. Much appreciated!
Regards
Cindy
