Below is an article from Vera Liprandi of De Cotta Law, Tenerife.<\/p>\n
For more information, book your FREE consultation on November, Tuesday 13th, during our Open Day, in partnership with BlevinsFranks.<\/p>\n
Inheritance tax increases for the residents On the 25th<\/sup> In Spain the Taxable - - - - <\/p>\n According to the new law the allowances applicable to the residents in <\/p>\n <\/p>\n <\/p>\n <\/p>\n Further It must be noted that these allowances only apply for the estates of people who have been De Cotta Law Open De Cotta Law, Jon All Visit De De <\/p>\n","protected":false},"excerpt":{"rendered":"
\nin the Canary Islands<\/strong><\/span><\/strong><\/p>\n\n
\nof June 2012 the Canary Islands Parliament approved Law 4\/2012 which established
\nvarious measures to preserve the provision of basic public services in the islands during the economical
\ndownturn. In particular the law established several tax increases and abolished
\nthe 99.9% allowance which was applicable to the inheritance tax payable by
\nparents, children and spouses who were residents in the Canary
\nIslands. <\/p>\n
\nautonomous regions are allowed to set their own inheritance tax levels and
\nallowances, these were drastically reduced by the new law. De Cotta Law has prepared an easy to understand
\narticle detailing the main inheritance tax allowances applicable to the
\nresidents in the Canary Islands from the 1st<\/sup>
\nJuly 2012. <\/p>\n
\nbeneficiaries are divided into four distinct groups which are taxed in a
\ndifferent way:<\/p>\n
\nGroup I:
\nDescendants and adopted children under twenty-one years.<\/p>\n
\nGroup II:
\nIssue and adopted issue of twenty one years or more, spouses (or \u201cparejas de
\nhecho\u201d), parents and adoptive parents.<\/p>\n
\nGroup III:
\nRelatives of the second degree (brothers\/sisters) and third degree
\n(uncles\/aunts, nephews\/nieces), and their ascendants and descendants.<\/p>\n
\nGroup IV:
\nRelatives of the fourth degree (cousins) and more distant relatives, and
\nstrangers (including non adopted stepchildren).<\/p>\n
\nthe Canary Islands are:<\/p>\n\n
\nbeneficiaries receive a 100% tax allowance up to a maximum of: a. \u20ac138,650
\nif they are under 10 years; b. \u20ac92,150 if they are 10 years old and under
\n15 years; c. \u20ac57,650 if they are 15 years old and under 18 years; d.
\n\u20ac40,400 if they are 18 years old and under 21 years.<\/li>\n<\/ol>\n\n
\nfollowing deductions from the taxable value: a. The spouse receives a
\ndeduction of \u20ac40,400, b. Children and adopted children of twenty-one years
\nor more receive a deduction of \u20ac23,125; and c. The rest of descendants, parents
\nand adoptive parents receive a deduction of \u20ac18,500.<\/li>\n<\/ol>\n\n
\nbeneficiaries receive a tax deduction from the taxable value of \u20ac9,300.<\/li>\n<\/ol>\n\n
\nbeneficiaries receive no deduction. <\/li>\n<\/ol>\n
\nallowances are established in case of disability of the inheritor, if the
\ninheritor is more than 75 years old, and also in relation to life insurances,
\nbusiness and company shares, main home, \u201cpatrimonio hist\u00f3rico\u201d, \u201cpatrimonio
\nnatural\u201d and if the same assets are the object of various transmissions subject
\nto inheritance tax in ten years. <\/p>\n
\nresident in the Canary Islands for five years
\nand the beneficiaries are similarly resident. If both the deceased and beneficiaries
\ndo not satisfy the residency requirement then the national state rules apply, and
\nthese allow a deduction of just under \u20ac16,000 from the taxable
\nvalue for spouse, children and parents of the deceased and just under \u20ac8,000
\nfor Group III beneficiaries.<\/p>\n<\/blockquote>\n
\nDay \u2013 Tuesday 13th<\/strong> November <\/strong><\/span><\/p>\n
\nthe Firm of English Lawyers and Spanish abogados with offices in the Canary
\nIslands and Mainland Spain, <\/strong>are holding an
\nOpen Day in Tenerife on Tuesday 13th<\/sup>
\nNovember 2012, from 9:30 to 17:00. Only on that day De Cotta Law specialist
\nSolicitor Jonathan Sutton will be available for free consultations on English
\nlaw and in particular on the effects of the new European Regulation 650\/2012 on
\ninheritance and how this will affect YOU. <\/strong><\/p>\n
\nwill be able to advise our clients on English wills, inheritance tax and
\nProbate, litigation and personal injury claims and how a claim can often be
\nbrought in the UK even if
\nthe accident was in Spain.
\nAll attendants will also have the possibility to meet and receive free
\nfinancial advice from the financial adviser Paul Montague, Blevins Franks, who
\nwill also be present on that day.<\/strong><\/p>\n
\nlegal consultations throughout the day will be completely FREE; to book your
\nprivate consultation please call our office on 922 719 520 or send an email to tenerife@decottalaw.net<\/a><\/strong><\/p>\n
\nDe Cotta Law\u2019s offices, opposite The Scotch Corner bar, in San Eugenio, Playa
\nde Las Americas, Adeje and take advantage of a free, private legal
\nconsultation.<\/strong><\/p>\n
\nCotta Law- Over 25 Years Experience in Spain<\/strong><\/p>\n
\nCotta Law
\nAvda. de los Pueblos Esq. C\/ Col\u00f3n
\nParque Residencial Villaflor, Local B-20, 1\u00aa Planta
\nSan Eugenio, Playa de Las Americas
\n38660 Costa Adeje, Tenerife
\nEspa\u00f1a
\nTel.: (00 34) 922 719 520
\nFax: (00 34) 922 724 511
\nEmail: tenerife@decottalaw.net<\/a>
\nWebsite: www.decottalaw.com<\/a> <\/p>\n