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Inheritance tax over 65's

Posted: Tue Sep 20, 2022 9:12pm
9 replies247 views4 members subscribed
Chilled John

Posts: 19

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Location: Roldán

Joined: 30 Jan 2022

Hola,we are selling our property in Spain and have heard that we won't pay inheritance tax on any profit.?I am 66 and my wife is 63.Any info. appreciated. Salud!

PeterC

Posted: Wed Sep 21, 2022 10:55am

PeterC

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Posted: Wed Sep 21, 2022 10:55am

If you have been Spanish taxpayers for 4 years, and are pensioners you do not pay any tax on profit made from sale of your sole residence.

Note the items in bold! Nothing to do with inheritance tax, sale of a second property. Use a good lawyer for the sale (a very rare beast).

paulsav

Posted: Wed Sep 21, 2022 2:28pm

paulsav

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Posted: Wed Sep 21, 2022 2:28pm

Chilled John wrote on Tue Sep 20, 2022 9:12pm:

Hola,we are selling our property in Spain and have heard that we won't pay inheritance tax on any profit.?I am 66 and my wife is 63.Any info. appreciated. Salud!

It's not inheritance tax that's when a person dies, its Capital Gains tax you need to ask your solicitor about. As Peter has said there are conditions. 

Regards 

Pauline 

Mags44

Posted: Fri Sep 23, 2022 3:21pm

Mags44

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Posted: Fri Sep 23, 2022 3:21pm

Chilled John wrote on Tue Sep 20, 2022 9:12pm:

Hola,we are selling our property in Spain and have heard that we won't pay inheritance tax on any profit.?I am 66 and my wife is 63.Any info. appreciated. Salud!

I think that you are confusing inheritance tax with capital gains tax! If you sell your primary residence, then you will not be liable for any capital gains tax if you are over 65 and you do not have to re-invest the money into another property either, as you would have had to do if you with the monies from the sale of your property if you were under 65 and wanted to avoid paying any capital gains tax. You do have to declare the sale on your annual Declaración de la Renta though.

PeterC

Posted: Sat Sep 24, 2022 11:14am

PeterC

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Location: Los Alcázares

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Posted: Sat Sep 24, 2022 11:14am

“ you will not be liable for any capital gains tax if you are over 65 ” as long as you have made tax returns for four years…

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Mags44

Posted: Sat Sep 24, 2022 2:03pm

Mags44

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Posted: Sat Sep 24, 2022 2:03pm

PeterC wrote on Sat Sep 24, 2022 11:14am:

“ you will not be liable for any capital gains tax if you are over 65 ” as long as you have made tax returns for four years…

Thank you for adding that comment. As someone who has automatically done their Declaración de la Renta for the past 39 years and continues to do so now that I only have my Spanish and UK pensions to declare, I forget that there are many UK citizens living in Spain, who do not automatically do their tax returns.

BLUEBOYS1960

Posted: Sun Sep 25, 2022 3:31pm

Posts: 97

23 helpful points

Location: Camposol

Joined: 3 Jun 2022

Posted: Sun Sep 25, 2022 3:31pm

Chilled John wrote on Tue Sep 20, 2022 9:12pm:

Hola,we are selling our property in Spain and have heard that we won't pay inheritance tax on any profit.?I am 66 and my wife is 63.Any info. appreciated. Salud!

Hi John I use a very good company in la zenia,I know it's too far,but he's very good & up on tax,expats services.i can give you his number if you want.better to get pro help than the man in bar.

Chilled John

Posted: Sun Sep 25, 2022 8:22pm

Chilled John

Original Poster

Posts: 19

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Location: Roldán

Joined: 30 Jan 2022

Posted: Sun Sep 25, 2022 8:22pm

Fortunately...I speak fluent Spanish.

BLUEBOYS1960

Posted: Sun Sep 25, 2022 8:27pm

Posts: 97

23 helpful points

Location: Camposol

Joined: 3 Jun 2022

Posted: Sun Sep 25, 2022 8:27pm

Chilled John wrote on Sun Sep 25, 2022 8:22pm:

Fortunately...I speak fluent Spanish.

What you on m8 

PeterC

Posted: Sun Sep 25, 2022 11:00pm

PeterC

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Location: Los Alcázares

Joined: 10 Nov 2016

Posted: Sun Sep 25, 2022 11:00pm

Al Dente appears to have grasped very little of what the original poster was asking, although the OP did not help his case by not understanding the difference between an inheritance and a property tax!

The key points are that he is a pensioner, and responders have been pointing out the massive tax difference because of that, depending on other factors.

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