Results 1 to 4 of 4

Thread: Inheritance from UK

Hybrid View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Join Date
    Oct 2009
    Posts
    82

    Default Inheritance from UK

    I wonder if anyone can give me an idea of how much tax in percentage terms would I be expected to pay on a £40,000 inheritance from a UK relative.

  2. #2
    Join Date
    Dec 2012
    Location
    Orihuela Costa
    Posts
    75

    Default

    Hi, This is quite complicated. They way you have written the question, I am assuming that you are a Spanish fiscal resident (so pay taxes in Spain) and are receiving an inheritance in the UK? If the estate is in England, it is English taxes, which I am not familiar with and is a question for a British forum. If it is a Spansih Estate I can help. Thanks
    Quote Originally Posted by arrowman View Post
    I wonder if anyone can give me an idea of how much tax in percentage terms would I be expected to pay on a £40,000 inheritance from a UK relative.

  3. #3
    Join Date
    Oct 2009
    Posts
    82

    Default

    I'm sorry it is a little complicated. At the moment I am a tax paying resident of the UK but my proprtey is on the market and on completion we will be moving to and becoming tax pay Spanish residents. I have an inheritance due but can't be sure how long it will be before I receive it, I know what my position would be if still in the UK but not if we have moved to Spain. I will have a pension income of around euro 17,000 per anum plus savings and the procedes of our UK house sale

  4. #4
    Join Date
    Dec 2012
    Location
    Orihuela Costa
    Posts
    75

    Default

    Hi, Obviously at the moment as you are aware you would not pay tax in Spain on your Inheritance. When you move to Spain, you will need to start the process to become a fiscal Resident which is a process of supplying quite a lot of forms, information, etc, and eventually receiving a Certificate to show you are a Spanish tax Resident, and the Inland Revenue then being informed, so that no tax is deducted on your income arising in England by them. Then you will make a Spanish tax return each year on the income for the calender year previously. There are allowances etc. (By the way, the Green Residencia certificate does not make you a tax Resident). Spanish succession tax or Impuesto sobre Sucesiones y Donaciones (ISD) is the Spanish tax on inheritance and gifts and paid by the recipient of the inheritance or gift. It is due only if the recipient is resident in Spain. It is calculated based on the relationship you had with the person you are receiving the inheritance from, the country of residence when the amount is transferred, and the amount of the inheritance. I am assuming the inheritance will be cash. Please contact me on sales@spanishsolutions.net and I will ask you some more questions and try to give you an approximate idea next week based on the current rates, after referring to our accountant.

Marcadores

Posting Permissions

  • No puedes publicar nuevas discusiones
  • No puedes responder a discusiones
  • No puedes publicar archivos adjuntos
  • No puedes editar tus posts
  •