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Can anyone help me. I am a UK resident and want to transfer ownership of my property in Spain to my children and wondered if anyone out there has any experience with this?
Has anyone done this? What are the tax implications (both UK and Spanish) if I do this? I will obviously get a Spanish solicitor involved but any advance issues with this proposal would be greatly appreciated. Thank you.
Posted: Wed Jun 24, 2020 7:46pm
Legendary helpful member
Your children will have to pay gift tax - impuesto sobre sucesiones y donaciones - based on the value of the asset they receive.
There is a tax-free allowance, which varies depending on the familial tie.
You need to ask your Spanish solicitor if a transfer before the end of the Brexit transition period will qualify your children for the Valencian tax-free allowance, and whether a transfer after that date would mean they'd only be entitled to the much lower national tax-free allowance.
Many thanks for your help Jim, I will take that on board
Ask your lawyer about extincion de condominio. This does the same thing but helps to avoid the taxes Good luck
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