26 Sep 2020 16:36:

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.

Thread: Gift tax (Andalucia)

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08 Sep 2020 22:38:

Carlyyound:

Depending on your son´s financial possibilities , Law will require a different amount as child´s support

 

This message was last edited by mariadecastro on 08/09/2020.
Thread: What Legal Rights Does The Mother Of My Son’s Child Have? (Spanish rights)

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08 Sep 2020 22:31:

Financial gifts are taxed according to regional rules in Spain. Where does the receiver live in Spain?

Thread: Declaring gift to Spanish Authorities

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08 Sep 2020 22:29:

70% is generally the most Banks lend to foreign buyers these days

M

Thread: Non resident mortgage advice required please

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08 Sep 2020 22:26:

It was initially October 7th for all claims related to buildings whose completion deadlines were before October 2015  but Coronavirus lockdown in Spain has extended this deadline till end of the year: December 2020

María

Thread: Deadline for off plan claims IS NOT OCTOBER BUT DECEMBER

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