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pilot
03-13-2006, 07:11 PM
My husband and I purchased a holiday flat in Torrevieja a couple of years ago in our joint names. We are both non-residents in Spain. I understand that under Spanish law there is not the same joint tenancy clause as under English law and that the survivor does not automatically inherit on the first death. Is this correct please? If so, presumably inheritance tax is payable on the first death, whether or not inheritance tax is payable on the UK estate and whether or not there is a Will. Is the tax based on the current market value and what is the rate please?

Expert advisor
03-28-2006, 08:40 AM
Please be informed that due to the fact that you are married and have left your estate to the surviving spouse, the deceased's part of the property will have to be taxed.
Should the surviving wish to leave in the property for a term of 10 years, there would be a 95 % reduction on the inheritance tax.

We remain at your disposal to any further matter you may require.