![]() Inheritance tax in Spain must be declared by the beneficiary and does not come directly from the estate. Vehicles and boats are valued either by an official valuation or approximately, according to the model, age and mileage. The contents of a property – furniture, clothing and personal effects – are usually valued by calculating 3% of the value of the estate or portion inherited. if your inheritors require an official evaluation in their home country for probate matters – the value of the estate must tally.if the inheritors are considering selling the property as soon as they sign the Inheritance Deed – they must declare the same value on the Sale Deed.However, there are two instances when a more precise valuation is needed: Property is normally valued by taking the current market value when the inheritance is distributed. It is wise to take advice on this as extra tax will be charged if the tax authorities do not agree with the declaration value. Inheritors have to voluntarily declare the value of their inheritance. This is incremental up to a maximum of 47,858.59€. There is an increase in allowance of 3,990.72€ for every year that an inheritor is under the age of 21. There are also differences according to the age of the children. Residents in some autonomous communities might find that an unmarried partner falls into category four, no matter how long they have been living together.Ĭlose relatives of the deceased (categories 1 and 2) benefit from additional allowances.įor example, spouses, children and parents benefit from an allowance of 15,956.87€ according to national law. Brothers, sisters, uncles, aunts, cousins, parents-in-law, daughter/ son-in-law.Children and grandchildren over the age of 21, parents, grandparents and spouse. ![]() Children and grandchildren under the age of 21.Your relationship to the deceased can make a significant difference to the amount of inheritance tax you have to pay. It remains to be seen what the implications of any country leaving the EU will be upon this ruling. However, Spanish inheritance tax for non-residents in Spain who are residents in the EU is now in line with residents in each Spanish region. The differences across regions still apply. According to this law, Spanish inheritance tax must not be discriminatory.Īll EU citizens are now taxed in the same way as a resident in Spain according to the regional rules that apply. However the European Commission told Spain that this practice was discriminatory against non- residents and must change.Ī modified European law was passed on the 28th November 2014 and applied to all bereavements and donations occurring after January 1st 2015. It used to be that residents and non- residents in Spain had different amounts of Spanish inheritance tax to pay. In Valencia this allowance is 100,000€ for close relatives. the amount you can inherit before you have to start paying inheritance tax. For example, some regions have additional allowances i.e. However, location can make a difference in other ways too. Not all autonomous regions implement their right to place an additional tax. These regional variations only apply to residents in the EU as non- community citizens are governed by the national rate. In other words, procedures and taxes vary according to where you live or the property is located. local law governed by the autonomous regions of Spain.In Spain there are two laws that govern inheritance tax: Whether you and your inheritors are resident or non-resident was another factor, but an EU ruling on this now means that there is no discrimination when it comes to residency for EU citizens. The autonomous community in which your property is located.Two factors influence the calculation of how much tax you must pay: A very good reason for making sure that you are as prepared as you can be. ![]() After this time an additional levy of 5% every three months is applied up to a maximum of 20%. Only six months is allowed for the inheritance tax declaration to be made.
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