Talk Quesada forum

Hello.

Can anyone help me with the following questions

What is death taxes and how does it work?

If i was buying a property and i was a joint owner if the other person passed does it automatically become mine with no consequences (not a married couple, but a grandson and grandmother)

Thanks for the help

If you buy a Property in Spain it's best to make a Spanish Will. You need to ask a lawyer what you intend doing and get expert advice.

Most definitely see a lawyer immediately

If two of you buy it then you each own 50% of the property. On the death of one of the owners, the other one becomes liable to tax on 50% of the property.
There are allowances which are quite generous in the Valencia Region for relatives.
These seem to change year by year so, as pointed out, see a solicitor for advice as many of the websites showing the allowances are out of date.
However, as a rule of thumb, the survivor will get 100,000 in allowances so if the property is valued at less than 200,000 then there will be no IHT.
Then there are other allowances on anything above that and the grandparent/grandchild relationship is the same as for parent/child.

Hey guys thank you for the responses

We assumed that the tax on a 100,000 would be 50,000 in tax duty which was quite frightening!

Thanks again

Do a Spanish will stating your uk will takes prescedent . . This ensures the UK inheritance rules apply. . . If not, Spanish inheritance rules allocate property etc. Differently I.e. children/grandchildren automatically get a share of the estate as well as the spouse . .