WITHIN the Spanish Inheritance and Donations (Gift) Tax there are some tax benefits or tax reductions depending on the specific characteristics of each inheritance. The best known are the kinship reductions, which allows for a reduction in the base rate of the tax and the amount depends upon the actual kinship between the deceased and […]
Inheritance and Gift Tax Planning. Death Duties-Taxes. IHT/I.H.T.
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THE relationship between the deceased and the heir or beneficiary is very important in the Spanish inheritance system. Spanish Law regarding inheritances recognises that some close relatives have the absolute right to inherit (e.g. children, parents, and spouses) but if you are not a Spanish national, you may be able to avoid the application […]
IT is well known that when one becomes the beneficiary of an inheritance in Spain, inheritance tax must be paid. The deadline to submit and pay this tax to ensure that there are no surcharges or penalties is six months from the death of the person leaving the inheritance. However, the statute of limitations for […]