IHT payment timing?

Information and questions about the Law in Spain and Andalucia.
Jool
Andalucia Guru
Posts: 4915
Joined: Fri May 18, 2007 5:56 am
Location: Coastal Almeria

IHT payment timing?

Postby Jool » Fri Mar 05, 2010 3:50 pm

I there any benefit to paying inheritance taxes within 6 months of the death? Someone has told me that it is a lot cheaper and saves on inheritance taxes if you can sell a property within 6 months of the death of the owner, but I cannot make sense of this?

Anyone have any more details?

El Cid
Andalucia Guru
Posts: 16058
Joined: Sun Oct 24, 2004 10:42 pm
Location: La Herradura, Costa Tropical, Granada

Re: IHT payment timing?

Postby El Cid » Fri Mar 05, 2010 5:41 pm

I don't understand that either.

You cannot sell the property until the tax is paid. As I understand it you have 6 months before you have to pay but if you apply for an extension before 5 months are up you can get one. I'm not sure whether it's 3 or 6 months more.

Sid

Jool
Andalucia Guru
Posts: 4915
Joined: Fri May 18, 2007 5:56 am
Location: Coastal Almeria

Re: IHT payment timing?

Postby Jool » Fri Mar 05, 2010 7:30 pm

Thank you Sid, I knew that you would know the answer!


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