Inheritance
Inheritance
If you receive an inheritance obviously there is IHT implications depending on the amount but does the inheritance also have to be declared as earned income on a tax return? Therefore potentially been taxed twice or does an inheritance get treated differently
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- Andalucia Guru
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Re: Inheritance
It’s treated seperately..
Sid
Sid
Re: Inheritance
Thanks
- Terry Tibbs
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Re: Inheritance
Speaking of inheritance tax... Different circumstances but I guess this ruling might apply to UK-based heirs of Spanish residents, post-Brexit...
https://www.citizensadvice.org.es/inher ... eme-court/
https://www.citizensadvice.org.es/inher ... eme-court/
The Spanish Supreme Court has ruled over a case, where a Canadian beneficiary of a Spanish resident wasn´t allowed the inheritance tax allowances of the region where the deceased resided.
Re: Inheritance
Thanks terry. Intresting to know
Re: Inheritance
As I understand it, non EU inheritors have to go with the National rate of tax, rather than where the deceased was resident. The national rate is usually worse than the Comunidad eg Analucia, rate.
Remember that under spanish law it is the inheritor that is taxed, not the estate (as in UK)
Remember that under spanish law it is the inheritor that is taxed, not the estate (as in UK)
Re: Inheritance
Yes thats what the case was over. Its been delcared illegal so a non EU beneficiary will get the regional allowances now
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