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| Tenerife News Tenerife News Updates |
 | |  8th February 2008, 14:29 | #1 (permalink) | | Super Tenerifian Join Date: Oct 2005 Location: Leeds Gender:  Posts: 2,855 | Inheritance Tax Removed
Quote: Inheritance Tax virtually eliminated in Canarias
From this month, Inheritance Tax has virtually disappeared in the Canary Islands, due to a decision by the regional government to grant a reduction of 99.9% in the tax rate for inheritance between close relatives (parents, children, spouses and family partners). This decision brings the Canary Islands in line with most of the Regions, e.g. Madrid, Valencia and Murcia.
| Recieved this today in our February newsletter from Ciudadnos Europeos Islas Canarias  |  |  | | The Following 4 Users Say Thank You to PeterRayner For This Useful Post: | | | 8th February 2008, 14:37 | #2 (permalink) | | Super Tenerifian Join Date: Apr 2007 Location: Costa del Silencio Gender:  Posts: 587 | Quote: Originally Posted by PeterRayner  Recieved this today in our February newsletter from Ciudadnos Europeos Islas Canarias | I heard about this too. But there are two taxes - one that is paid to the Spanish government and one that is paid to the regional government. So I am not sure if just one has been scrapped or both. |  | | | The Following 2 Users Say Thank You to Karen1234 For This Useful Post: | | | 8th February 2008, 14:40 | #3 (permalink) | | Banned Join Date: Nov 2005 Gender: Posts: 9,582 | Quote: Originally Posted by Karen1234 I heard about this too. But there are two taxes - one that is paid to the Spanish government and one that is paid to the regional government. So I am not sure if just one has been scrapped or both. | Ditto .... am trying to find out. | | | | | 8th February 2008, 14:57 | #4 (permalink) | | Super Tenerifian Join Date: Oct 2005 Location: Leeds Gender: Posts: 2,855 | Quote: Originally Posted by Karen1234 I heard about this too. But there are two taxes - one that is paid to the Spanish government and one that is paid to the regional government. So I am not sure if just one has been scrapped or both. | It is both as I am reading the statment.... Quote: | due to a decision by the regional government to grant a reduction of 99.9% in the tax rate for inheritance between close relatives | Quote: | This decision brings the Canary Islands in line with most of the Regions, e.g. Madrid, Valencia and Murcia. | The CE newsletter promises a fuller review of the announcement shortly. | | | | | The Following 3 Users Say Thank You to PeterRayner For This Useful Post: | | | 8th February 2008, 14:59 | #5 (permalink) | | Super Tenerifian Join Date: Apr 2007 Location: Costa del Silencio Gender: Posts: 587 | Quote: Originally Posted by PeterRayner It is both as I am reading the statment.... The CE newsletter promises a fuller review of the announcement shortly. | I read it the other way that only the regional tax has been abolished which brings it into line with other regional decisions. But I hope your right | | | | | 8th February 2008, 15:13 | #6 (permalink) | | Banned Join Date: Nov 2005 Gender: Posts: 9,582 | I'm afraid that my reading is the same as Karen's ... but let's hope! | | | | | 9th February 2008, 16:55 | #7 (permalink) | | Super Tenerifian Join Date: Jan 2008 Location: Not Tenerife Gender: Posts: 731 My Mood:  | Thanks for this info,it cost me a fortune to inherit my mothers estate 5 years ago.It is worrying for other family members if this has to be paid eveytime someone dies.More info would be great. | | | | | 9th February 2008, 17:06 | #8 (permalink) | | Super Tenerifian Join Date: Nov 2007 Gender: Posts: 946 | Quote: Originally Posted by jewels Thanks for this info,it cost me a fortune to inherit my mothers estate 5 years ago.It is worrying for other family members if this has to be paid eveytime someone dies.More info would be great. | How did it cost YOU a fortune? The tax is on your mother's estate. The cost of settling your mother's affairs surely came out of her estate. Where along the way did it you incur expenses? __________________
I can win an argument on any topic, against any opponent. People know this, and steer clear of me at parties. Often, as a sign of their great respect, they don't even invite me. [Dave Barry (1947 - )] | | | | | 9th February 2008, 21:18 | #9 (permalink) | | Tenerifian Join Date: Apr 2006 Location: Puerto Santiago Gender: Posts: 226 | the tax has not been abolished it has been REDUCED to virtually nothing by means of a 99.9% "rebate" it applies to close family members and registered common law partners see examples in Spanish here : http://www.gobiernodecanarias.org/tr...s_fiscales.pdf My reading of the Spanish text implies that beneficiaries have to have been resident in the Canaries for a minimum of 5 years - does this mean non resident inheritors don't get the "rebate" - any tax experts out there? __________________
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| | | | | 9th February 2008, 21:36 | #10 (permalink) | | Banned Join Date: Nov 2005 Gender: Posts: 9,582 | Thanks GM. But isn't this the Canarian tax? Doesn't the Spanish inheritance tax remain in place? | | | | | Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes |  Linear Mode |  Posting Rules | You may not post new threads You may not post replies You may not post attachments You may not edit your posts
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