Your Legal Magazine
Page 10
Female Focus
Death & Taxes, the need to update your Will.
“In this world nothing can be said to be certain, except death and taxes” (Benjamin Franklin). However when it comes to inheritance, the laws and taxes are anything but certain and are changing yet again!
On 17th August 2015 there was a new EU agreement which states that the “Laws of the country in which the property is situated will prevail”. Therefore, if you own a property in Spain, Spanish Law will apply.
In Spain, children and direct descendants will also inherit the assets according to Statute.
You will need to include your World Wide Assets, not have one Will for your Spanish assets and one for your UK assets. The Wincham Legal Team are creating an International Will that addresses all of these issues and at the same time our Tax Consultants can inform you of the Inheritance Tax that will be payable on your property by your family.
Are you aware that in Spain, Inheritance Tax
is payable between husband and wife? Are you also aware that unmarried partners and step-children receive NO allowances in respect of Inheritance Tax in Spain and the Estate may be taxed in the UK? This may result in double taxation in respect of the Spanish assets.
Are you further aware that Spanish Inheritance Tax is an individual liability and has to paid before you can sell the assets, or raise money on them, and in the meantime all bank accounts of the deceased, including any joint accounts, are frozen?
We can produce a tailor made illustration based on your personal circumstances and advise you on the best solutions to help, reduce, or even eliminate, your Spanish Inheritance Tax liabilities.
Call our Calpe office on (0034) 96 583 0991 to arrange an appointment or go to www.winchamiht. com for your free Spanish Inheritance Tax illustration.
STOP PRESS!!! All resident pensioners who have not been declaring their pensions in Spain will have a 6 month amnesty to start declaring their incomes or face severe fines and further sanctions. If you are concerned about how this will affect you, please contact us for advice on (0034) 96 583 0991 or (0044) 1260 299700 today!!
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