Gift tax (Andalucia)

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19 Sep 2020 18:30 by cloudnine Star rating. 1 posts Send private message

Hello,


I have a few questions regarding the new inheritance & gift tax rules for a person originally from UK but now a fiscal resident living in Andalucia.

1. Inheritance from a UK trust where the settlor of the trust is a step-father - not exempt?

2. Inheritance from mother who lives in UK - exempt up to €1 million?

3a. A gift of £60,000 from mother who lives in UK - exempt up to €1 million?
3b. Can these funds be kept in either UK or Spain?
3c. After the initial gift exemption, would this amount be liable to Spanish tax in future years or would it always be exempt (as long as a gift deed was signed before a Spanish notary)?

4. Are there are plans for these beneficial exemptions to be changed in the near future?

Thanks for any advice/comments.





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26 Sep 2020 16:36 by mariadecastro Star rating in Algeciras (Cadiz). 9290 posts Send private message

Legal Questions? Speak to Maria Direct

Cloudnine:

Answering you below in bold green ( same text as your email)

Hello,


I have a few questions regarding the new inheritance & gift tax rules for a person originally from UK but now a fiscal resident living in Andalucia.

1. Inheritance from a UK trust where the settlor of the trust is a step-father - not exempt? Is there a legal link of adoption or similar between the step-father and the step son?

2. Inheritance from mother who lives in UK - exempt up to €1 million? Yes if the assets of the inheritor valued no more than 1 million before the inheritance.

3a. A gift of £60,000 from mother who lives in UK - exempt up to €1 million? 99% exempt
3b. Can these funds be kept in either UK or Spain? If a gift, it needs to be formalised in a Spanish Notary deed with prove of origin. They can be kept in a Uk Bank account.
3c. After the initial gift exemption, would this amount be liable to Spanish tax in future years or would it always be exempt (as long as a gift deed was signed before a Spanish notary)? It will always be exempt

4. Are there are plans for these beneficial exemptions to be changed in the near future? No, there are not at present.

Thanks for any advice/comments.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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