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Inheritance Tax Planning

The first question people ask me about inheritance tax is “How much is the tax in Spain or Catalonia?” There are seven steps in Catalonia to calculate it correctly. Some of these steps include allowances and discounts.

A starting point with planning is to therefore look at the available discounts and see if it is possible, and practical, to take advantage of the allowances. When planning we also review the benefit, or otherwise, of making a gift versus leaving a bequest.

As an international person who lives in Spain, Inheritances and Inheritance Taxes often come with competing laws in Spain and our home country. This is especially true if our home country is the UK. In the UK the deceased person’s estate has to pay the inheritance tax. Here in Spain, it is the person receiving the inheritance who is liable for tax in Spain, even if the money does not come to Spain.

A further similarity with receiving an inheritance and Inheritance Tax planning is that both should follow a step by step process. Inheritances as decision making about what to do with the inheritance is often skewed by the recent loss of the relative. Inheritance Tax planning needs a step by step process because for the planning to work you have to make irrevocable arrangements, such as gifts. Making them too early, or not leaving enough in your pot for care costs etc are reasons why a step by step approach works best.

One of my further tasks with planning is to consider the UK and Spanish laws and explain how the interact and what we should do for your particular situation. As part of this process I often work with your existing lawyer in Spain and the UK. People often describe this as me acting as the “translator” between the two lawyers to explain each system to the other.

You can gain a little more insight on Inheritance tax planning from these articles:

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