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A guided tour of Spanish villas and inheritance tax planning
KEY POINTS
- Overseas assets will form part of a UK domiciliary’s estate subject to inheritance tax.
- Summary of the calculation of the Spanish succession tax.
- New UK/Spain double tax treaty does not include inheritance tax.
- Unilateral relief will apply under IHTA 1984 s 159.
- Spanish villas and some tax mitigation suggestions.
It is well known that the worldwide estate of an individual who is domiciled in the UK is subject to inheritance tax. A Spanish villa will form part of the estate and potentially be subject to this tax at 40% as well as to Spanish taxes.
Consequently UK resident and domiciled clients who own Spanish villas as a second holiday home may well require inheritance tax planning and such planning needs to take...
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