INHERITANCE TAX AND CAPITAL GAINS TAX

Can anyone expalain how IHT and CGT actually works here in Spain. You always here different stories but would really like to know exactly what the legislation is if you are a resident or non resident. Thanks

Almoradi

2011-06-09 11:07:09 UTC by Rio in Almoradi

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try http://www.spain-info.co.uk/Spanish-Inheritance-Tax.htm

Commented Chalk Face Academia in Almoradi 2011-06-09 15:02:02 UTC

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Thanks I will send them an email!

Commented Rio in Almoradi 2011-06-09 16:05:09 UTC

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When it comes to Tax then Residents of Spain are Taxed by their Region like Murcia or Valencia, for example, but non Residents of Spain are Taxed by the central Tax office in Madrid. Even if the deceased of a property is Resident of Spain and the Benefisheries are not then the Benefisheris still have to pay Inheritance Tax to Madrid not the Region where the property is located. This is the case whether the property is on mainland Spain or the Canaries or Balearic's and irrelevant of Nationality unless Spanish.

Commented Spanish Connections in Rentals in Spain 2011-06-12 14:42:01 UTC

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Hi Spanish IHT,
Thank you very much for the info! Correct me if I am wrong my children who are resident in the UK will need to pay IHT! is there any loopholes where we can reduce this cost? Kind regards

Commented Rio in Almoradi 2011-06-12 15:00:07 UTC

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