Inheritance, Wills and Taxes – Post Brexit Deal

Filed under : Tax Planning - Inheritance

This is an area that will remain unchanged post Brexit. The law that will govern succession and who will receive your assets on death will not change. The application of your law of nationality has been recognized and formalized in the EC regulation signed by Spain in 2015.

The UK never signed this regulation but because it regulates the law in Spain it will continue to apply to all nationalities including British people post Brexit. This means you can sign a will in Spain electing your national law. This is particularly important where there is a second family or a divorce and you are estranged from your children. In English law you are free to dispose of your assets as you wish. In Spanish law 2/3 of your estate must pass to your children.

At present in some regions of Spain, including Andalucia and the Canary Islands a spouse and children can receive up to 1 million in property and assets without paying any inheritance tax. This is not affected by Brexit because the allowance is currently available to all nationalities in those regions. Equally if the rules were to change they are likely to change for all nationalities. This is only applicable to spouses and children though there are some other discounts available to other family members.

Protect your assets by making a Spanish formally valid will. For more information contact us on 952 527014 or by email on [email protected]