Non Resident Inheritance Tax

[jamesfshaw]

There seem to be two companies who provide advice and services in avoiding Inheritance tax for those owning property in Spain but living in the UK. They are Wincham and Blevin Franks.
Anyone had experience o these or other companies?

 

[lollipop]

Why would you want to avoid it? I know it is costly but there is really no legal way of avoiding it. These companies talk about setting up a company to own the property but I think you will find that doesn't really work. If you/your family pay inheritance tax here you get some discount on the amount payable in the UK.

 

[majprop]

If I were you I would speak to an English speaking lawyer there are plenty here, there are also ways of reducing the tax but I will leave that to them to explain if you wish to go down this road. If I were living in the U.K. I would not ask a Spanish lawyer about the legal system in the U.K.

 

[alcanadakid]

Why would you want to avoid it? I know it is costly but there is really no legal way of avoiding it. These companies talk about setting up a company to own the property but I think you will find that doesn't really work. If you/your family pay inheritance tax here you get some discount on the amount payable in the UK.

The loophole of setting up a company to own overseas property was closed in the last budget.

 

[Belladonna]

I've lost the link that Andrew posted yesterday with the official information on - which thread is it under please?

Found it, sorry, its licensing laws.

 

[Sparky]

If I were you I would speak to an English speaking lawyer there are plenty here, there are also ways of reducing the tax but I will leave that to them to explain if you wish to go down this road. If I were living in the U.K. I would not ask a Spanish lawyer about the legal system in the U.K.

There are a couple of solicitors who could advise on this subject here :- Puerto Pollensa, Mallorca (Majorca) - Property Services

 

[Deanscroft]

I believe that the only real (and legal) way of avoiding Spanish inheritance tax on a Spanish property is if -
1. Both the deceased and the beneficiary are Spanish residents and have been for a minimum of 5 years.
and
2. They are close relatives ie. husband/wife or parent/child.
and
3. The property remains in the ownership of the beneficiary for a further 10 years after being re-registered.

However I did read somewhere that the inheritance tax rates and allowances are regional not national.

 

[eleanor]

I've lost the link that Andrew posted yesterday with the official information on - which thread is it under please?

Found it, sorry, its licensing laws.

Where would we be without Andrew! He has so much info to share with us!
Thanks Andrew.