Inheritance tax

[andywebb]

Has any one any info on this?

I am led to believe by some friends in UK that if you and your partner own a property in Spain, in joint names, and you have a Spanish will leaving the property to each other on death of one partner the value of half of the property will attract an immediate tax.

This seems a tad unfair to me as the point of a will is to leave your other half without worry. They of course, in life, own jointly the property and so there is no gain by one on the death of the other.

Anyone know anything?

[Doc]

Hi Andy.

Have a look at the following link. There is some information towards the bottom of the page which should help you work out your Inheritance Tax liability on the event of one of the partners' death. The only way around the tax (and it isn't a get-out!) is to plan ahead, perhaps by way of a contingency fund.

HTH,

Chris.

http://www.taxationweb.co.uk/taxlaw/article.php?id=12

[AndyH]

I've always found this link to be very helpful with all tax issues.

http://www.windrammiller.com/tax_spain.html