Spanish Tax on property at Death ?
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Spanish Tax on property at Death ?
My sibling bought a property over twenty years ago and for "avoidance" reasons put it into a trust in my parents name to be held for him. One of my parents passed away eight years ago and the sibling paid tax to transfer the property in the sole name of the surviving parent. Can anyone give me a rough guide of what percentage the tax is ? The answer I'm looking for is "what % of the value of the property" is normally paid. Thanks in advance for any answers.
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Re: Spanish Tax on property at Death ?
What I understand from your post is one parent died and left their share in a will to the other parent. That inheritance triggered an inheritance tax bill and you want to know how much that bill is. The short answer is it could be between 0% and 80%.
A quick simple answer is Inheritance tax in Spain is calculated based on
The location of the house in Spain
The relationship between the parties (were your parents married for example)
The prior wealth of the recipient
Where did your parents live.
When did they die
The value of the house
Sorry I can't give you a more precise answer but you need a lot more information to calculate even a rough idea of the tax %.
A quick simple answer is Inheritance tax in Spain is calculated based on
The location of the house in Spain
The relationship between the parties (were your parents married for example)
The prior wealth of the recipient
Where did your parents live.
When did they die
The value of the house
Sorry I can't give you a more precise answer but you need a lot more information to calculate even a rough idea of the tax %.
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