Property Prices in Port de Pollenca

[bobley]

Does it really matter though... you wont be here to have to deal with it?

 

[Big Sal]

According to Blevins Franks Living in Spain Guide, for Balearics there is only a 99% allowance for children under 21. Cataluna is possible for a 99% tax relief on inheritance for spouses only. There are many other reliefs depending on relationship to the deceased. I am reading this from the Blevins Franks guide and would personally be interested on what condition applies to which you have been advised.

 

[Big Sal]

Does it really matter though... you wont be here to have to deal with it?

Unless you care for and love those who you leave behind, 'It is the recipient, not the donor who pays tax'.

 

[bobley]

Unless you care for and love those who you leave behind, 'It is the recipient, not the donor who pays tax'.

Charming. I dont think thats in any doubt. Christ, he can sell my camper van to pay the tax bill but it doesn't mean I can do anything in the meantime to change the spanish tax laws.

 

[Big Sal]

I agree. Plus, Spanish laws have a habit of changing!
Best thing we can do is to prepare/plan according to current legislation, with the aim of making it as easy and less painful for the beneficiaries, who will already be suffering from bereavement.

 

[Big Sal]

According to Blevins Franks Living in Spain Guide, for Balearics there is only a 99% allowance for children under 21. Cataluna is possible for a 99% tax relief on inheritance for spouses only. There are many other reliefs depending on relationship to the deceased. I am reading this from the Blevins Franks guide and would personally be interested on what condition applies to which you have been advised.

Apologies. I missed a table! Blevins guide reflects the below.

Extract from 2018 How the recent changes in Spanish Inheritance Tax will affect you?

'In the Balearic Islands there is a 99% bonus over the tax figure for children under 21 (group I). There is a reduction on the tax base of € 25,000 per each beneficiary of group II (spouse, children over 21 and parents). That amount goes also higher for children under 21. Both groups (I and II) are taxed at 1% up to 700,000 €; at 8% from 700,001 € to 1,000,000 €; at 11% from 1,000,001 € to 2,000,000 €; at 15% from 2,000,001 € to 3,000,000 €; and at 20% from 3,000,001 € onwards. 100% of the habitual residence is deducted from the tax base up to a maximum of 180,000 € per heir (children, parents and spouse) who have lived with the deceased'.