search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
property experts


“ADDITIONALLY, THE SAME LAW HAS ALSO


IMPLEMENTED SOME BENEFITS IN THE GIFT TAX WITH REDUCTIONS WHICH VARY DEPENDING ON SEVERAL FACTORS.”


REQUIREMENTS: - If the deceased was a resident in Andalucía, the heirs must be resident in a country from the European Economic Space (EEE). If the deceased was not resident in Andalucía, but resident in the EEE, the heirs can be resident in any other country or Spain. (Special attention to UK residents, as it will depend on the final Brexit score…)


- Estates equal or below to 1.000.000€ are tax exempt if the pre-existent wealth of the heirs is equal or below 1.000.000€ at the date of decease.


- Estates over 1.000.000€ will benefit from a 99% exemption per beneficiary.


“ESTATES OVER 1.000.000€ WILL


BENEFIT FROM A 99% EXEMPTION PER BENEFICIARY.”


- Te beneficiaries of the Inheritance tax must also be included in the Group I and II, which include natural and adopted children under 21, natural and adopted children over 21, spouse, registered partnerships (parejas de hecho), parents, adoptive parent, grandparents and great-grandparents.


AN EXAMPLE TO SEE HOW IT WORKS Anne is resident in Ireland and has inherited from her father who was also a resident in Ireland, assets in Andalucía for a total value of 1.030.000€. Anne has a pre-existent wealth of Anne at the date of the decease under 1.000.000€. Anne has to pay Inheritance tax on 30.000€ which would be the taxable base. From the resulting tax bill (2785, 11€), with the new law, Anne will deduct 99% and as a result she will pay the total amount of only 27, 85€, and not the initial 2785, 11€. Additionally, the same law has also implemented some benefits in the giſt tax with reductions which vary depending on several factors.


As said at the beginning of this article, this is one of the major tax reforms in Andalucía which has been very welcome from all families, Spanish and foreigners. We consider that they should have taken the opportunity to abolish the Wealth tax which is a still pending matter for the future. How many British national would have apply for the Spanish residence if the Wealth tax had been eliminated? We hope the new Government from the next elections bring more positive news for all of us. Let’s hope so.


Whilst every effort has been made when writing this article, please note that it does not constitute legal advice. For more information contact us. Premier Law


For more information, please contact Premier Law info@premierlaw.net


PROPERTYMAIL / 29


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44