Tax info on selling a recently inherited property please

 My in laws have recently inherited a property from their son, they have paid the taxes for the inheritence and now have a buyer for the property. He died nearly 2 years ago but they officially gained ownership in the last 2-4 months, I have been told they will need to pay 3% tax on the value of the property as they are non residents plus 21% of the full value of the property for CGT, as they inherited the property the 21% will be for the total sale value. I am really lost, whilst they dont want to pay such a huge amount of money, they also dont want to be chased for taxes due in the future, Whilst they are both non residents but their son was a resident. Any help would be appreciated Thanks

 Hi Easty welcome to EOS:)  The best advice I can give is that you consult with a lawyer, there is a very experienced lawyer on this site Maria de Castro, she also has a blog and will be able to give you advice on such matters.

her blog link is  www.eyeonspain.com/blogs/costaluz.aspx

best of luck

Capital gains tax was 18% . I assume by your post that it is now 21%.

The 3% , of the selling price, is a retention against CGT which is the averaged amount that most residents have to pay. This would be retained from the sale price by the buyers solicitors & paid in to the Hacienda in the sellers names . In the event that more is required then they would contact you. As advised you need to speak to a solicitor as there are some allowances.