23 Apr 2008 1:48 PM:

mariadecastro

Could you let me know where your info on the abolition of Spanish Wealth Tax is documented? I do believe you, but would like to read up on it!

Thank you

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23 Apr 2008 12:23 PM:

If you set up a UK limited investment company, travel expences to and from the property can be offset against your tax liabilty. In effect this would also go some way to showing your company is a trading company which reduces tax from 18% to 9%. Good eh!


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23 Apr 2008 12:14 PM:

Did you know Wealth Tax is only applicable to an individual? By investing your property into a UK limited company you are not liable for Spanish Wealth Tax! This is addition to savings on purchase taxes and seller’s taxes. I’d look into it!

Has anyone elso done this?

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22 Apr 2008 3:12 PM:

Hi PLH,

To answer your question, the company would own the property, and you would own the company. Uk Ltd companies are not liable for Spanish Wealth Tax, thus providing another saving. Regarding the company set up - I would recommend searching in Google. I searched '''Spanish inheritance tax free proposal'' and found a number of links to professional companies. From experience I know some of the companies who offer advice are also able to deal with the annual filing of reports to companies house. Hope this helps.

Cheers.

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09 Apr 2008 9:26 AM:

Hi Roberto,

Good to hear from you. The main issue is finding consistent and accurate advice. The Spanish tax systems is said to be even more complicated than the UK system. In the past I have found my UK lawyers unable to advice me on Spanish purchase, sale and inheritance taxes as it is out of their jurisdiction, and equally, my Spanish lawyers are unfamiliar with UK company legislation and unable to offer advice which isn’t in their OWN best interests. To answer your question, its only through a lack of understanding that a subsequent purchaser would wish to purchase a property in their own name rather than a UK limited company, given the sale and purchase tax advantages, the simplification of inheritance tax issues and being able to deal with the asset in our native tongue with experts who operate at the highest of standards. Hope this helps!

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