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primrose
05-04-2007, 10:23 PM
I have been left a property in torreivieja, the deeds were in the joint names of my Nan and Grandad. My Grandad recently passed away and we have now got to pay the inheritance tax.

Can you please advise us as to how this is worked out - the price on the deeds is 27,000. In addition, my nan wanted to transfer the property to me now rather than having to worry about paying inheritance tax when she passes away - do you know how much tax etc I would have to pay for the transfer.

Many Thanks
Mrs G. Lloyd

Expert advisor
05-22-2007, 08:12 AM
The direct descendants have an allowance of 40.000 � that are deducted from the base figure, therefore you need to know the current value of the property for taxes purposes. Nevertheless, should you be resident in Valencia area and the decease has taken place this year 2007, you will also obtain a discount of 99% of the tax to be paid.

Please do not hesitate to contact us should you need further information.