Should i put the wife on the deeds

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19 Jun 2017 22:22 by Axeman Star rating. 8 posts Send private message

Right i am buying a property i was going to have it just in my, as we have a couple of properties in the uk in her name, she would be in my will in spain if i die, put will she get hammered for tax if i died, or should i just put her on the deeds, would my life be simpler to have her on the deeds, pros & cons.





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19 Jun 2017 23:47 by mariedav Star rating in Ciudad Quesada. 1101 posts Send private message

If you pass on and she is not on the deeds she will be liable for inheritance tax of 100%. if she is a joint owner, then only 50%. Also depends on where you are buying as you don't put your location. Spain is not one country but has many different autonomous regions and the tax liability varies greatly between them. For example, Valencia region has a big allowance for surviving spouses and a very big percentage of tax to be offset. Murcia, on the other hand, has a very low one so you could end up paying virtually nothing or a huge amount.

Of course, if you think she's going to peg it before you then just in your name would mean no inheritance tax for you.

 





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20 Jun 2017 08:51 by briando55 Star rating in Yorkshire. 2001 posts Send private message

Axeman.

With three properties as assets, and being married, I really think you should set aside a few hundred quid for an accountant and an experienced financial advisor to lay out your options for you.

I find this forum helps with furniture, tapas, car licences etc (even falling out and politics) but there is nothing like professional advice on the stuff your thinking of.  

 


This message was last edited by briando55 on 20/06/2017.

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20 Jun 2017 09:10 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

Most regions have big tax reductions for spouses and also if that is the house you will be living. As Mariedav rightly says, if you own the house 50/50 she will be taxed just on your half.

What region will the house be located?



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20 Jun 2017 09:40 by juansheetisplenty Star rating in Cartagena. 278 posts Send private message

juansheetisplenty´s avatar

Another key consideration is whether or not you will be  a resident. As a non resident regardless of where you buy the allowance is around Euros 16500. If you decide to become resident your uk houses would be considered second homes.

Lots to consider and best get an accountant.

Saludos

Juan





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20 Jun 2017 10:59 by Jimbofinn Star rating in Chiclana De La Front.... 207 posts Send private message

Jimbofinn´s avatar

Having gone through the process of having my former wife removed from the deeds the process cost over 3k, so I assume that the reverse process would be in the same region but that is only a guess. My present wife whose former husband passed away had to have his name removed from the deeds, What was in their Spanish bank at time of his death, tax had to be paid on his half. So..... just wondering if you want to really go through those processes, indeed put your wife through the process in the event of you leaving her widowed?



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20 Jun 2017 11:29 by Axeman Star rating. 8 posts Send private message

Thanks eveyone,i am going to put her on the deeds,and just hope she does not peg it to soon.





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20 Jun 2017 11:48 by Team GB Star rating. 1245 posts Send private message

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Or she doesn't run off with the milkman!



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21 Jun 2017 14:28 by johnzx Star rating in Spain. 5247 posts Send private message

Briando  With three properties as assets, and being married, I really think you should set aside a few hundred quid for an accountant and an experienced financial advisor to lay out your options for you.

Axeman,  you said the two properties in UK are in your wife’s name so no Spanish tax liability on them for her, if she is not resident in Spain.

Also if you are not resident in Spain then only assets in Spain are subject to Spanish tax.

If you are resident in Spain and leave assets which are outside Spain,  to someone who is not resident in Spain, then the Spanish tax authorities have no claim on them

To answer your question;  As most have said, usually married couples buy in both names and thus avoid 50% of the possible inheritance tax liabilties


This message was last edited by johnzx on 21/06/2017.


This message was last edited by johnzx on 21/06/2017.



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