Tag Archives: inheritance

Ways Brexit will affect us: Inheritance and wills

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First off, let us consider what happens at the moment to Britons owning property in Spain. They can be in one of two legal conditions when they die: resident or non-resident. Resident. If you die intestate (without a will), then Spanish inheritance law applies. If you have a will with a codice specifying that you want UK (or insert your country of nationality here) law to apply, then UK inheritance law applies. In either case, Continue reading Ways Brexit will affect us: Inheritance and wills→

Inheritance tax changes for non-residents as from 2015

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As from 2015, the Spanish law on inheritance and donations (ISD) will change to give non-residents the same rights as residents. The change came after Spain lost an EU court battle to apply a higher rate of tax on non-residents who died leaving assets in Spain. The EU court said that the ISD (Impuesto sobre Sucesiones y Donaciones) was discriminatory and against free movement in the EU. The ISD is one law across all of Continue reading Inheritance tax changes for non-residents as from 2015→

Inheritance Tax (IHT) increases in the Murcia & Valencia Region

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As of 11thJuly 2013 the Murcia region increased Inheritance Tax (IHT) payable by residents inheriting within this region. Before this time Group 2 Resident Beneficiaries (spouses, parents, biological & adoptive children over 21) of the Murcia community benefitted from a 99% exemption on assets they inherited within their region however, this has now been reduced to a standard allowance of 15,957 Euros. From 6th August 2013 Valencia resident spouses, descendants and ascendants had their personal Continue reading Inheritance Tax (IHT) increases in the Murcia & Valencia Region→