Subject: Inheritance Tax
Query:
I have just read a reply on your site & commented on it your advice (good) . Can you just tell me please, my husband & I own a property 50/50 I think in the current climate it would not achieve more than 200-225 thousand euros . My understanding is that we would pay 1-3% on 100 thousand for example if it is based on Market value? . I would be grateful for your advice . My husband is registerd for tax & I am registering this year. Thanks
TLACORP ANSWER:
In relation to your query, let me confirm you that the reduction in Valencia region for IHT will be effective if the testator and the inheritors are Spanish residents locally (in Valencia region), and, specifically, Spanish Tax Residents.
How demonstrate if resident in Spain to receive the Spanish reductions in IHT ?: Presenting the following documents, between others:
– Spanish Tax declarations (model 100) from previous years.
– Padron from Town Hall
– Others: Sometimes electric and water bills showing the consumption, and others.
– Sometimes is required also Witness (area neighbors or friends) to confirm this point.
Usually, providing this information, Spanish notaries and institutions considers inheritors as Spanish residents.
For more info, please, feel free to contact us at : info@tlacorp.es
