Inheritance tax

I’ve just seen this on FB - does anyone know if this is correct??


"The new Valencian government has adhered to their electoral manifesto and has declared that with immediate effect there will be no more inheritance tax to pay on the estates of anyone dying in the Valencian region irrespective of whether the deceased is a resident or not and this applies whomever is inheriting the estate.

The effective date of introduction will be backdated to 28th May 2023"

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I went to see my lawyer 3 weeks ago, and she told me there was a big announcement coming in respect of inheritance tax. She said it would be backdated to May. She said she was on the committee dealing with it, so knew what the change would be, but couldn't tell me details until it was announced officially.

Now I know!

Fantastic news

.

Based on a husband and wife scenario. Does this apply to your entire worldwide assets? (House and bank accounts, inside and outside Spain). If so it’s fantastic news and very welcome.

I imagine the putative inheritance taxes here were a concern for anyone who made the move to the Spanish sunshine. This is a big relief.

4s.

This is good news - wish the UK government would take note.
On that subject I am guessing although as I am a non resident when my wife/daughter inherit they would not now have Spanish IHT to pay, the UK HMRC would add the value of Spanish property to other UK assets to calculate UK IHT. Any enlightenment would be appreciated.

marcliff wrote:

Expat in Quesada wrote:Based on a husband and wife scenario. Does this apply to your entire worldwide assets? (House and bank accounts, inside and outside Spain). If so it’s fantastic news and very welcome.

I imagine the putative inheritance taxes here were a concern for anyone who made the move to the Spanish sunshine. This is a big relief.

Inheritance tax between husband and wife always had a high percentage which you could claim from the tax. The surviving spouse was allowed 100,000 euro and then a 50% deduction on anything remaining in the Valencian region and up to 75% reduction for children under 21.

However, this new law which was finally approved by the Spanish supreme court on August 4th applies to all assets.

Thanks Marcliff,

This is welcome news. Let’s hope some future politicians don’t reintroduce it.

Cheers.

John.

ajf1950 wrote:This is good news - wish the UK government would take note.
On that subject I am guessing although as I am a non resident when my wife/daughter inherit they would not now have Spanish IHT to pay, the UK HMRC would add the value of Spanish property to other UK assets to calculate UK IHT. Any enlightenment would be appreciated.

That will depend on their status Resident or Non