Inheritance and gift tax

Spain has the highest inheritance tax rates in the European Union. The Spanish law on inheritance and gift tax is very different from the German system. Both British, who inherit a Spanish property and live in The United Kingdom, and British, who have their main residence in Spain, are liable to pay inheritance tax. In order to avoid nasty surprises with respect to the very high inheritance tax in Spain it is very recommendable to consult an expert on the topic when you buy a property in Spain. As the rates of taxation are high, those who consider transferring their assets in Spain to their heirs during their lifetime are well advised to consult an expert. Contrary to the British system the Spanish taxation law does not have a (or barely any) personal allowance for gifts, and the taxation rate is comparatively high. Any professional consultants can advise you according to your individual assets and taxation requirements.

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