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Posted Sun, 12 Jan 2025 11:01:54 GMT by Albert Mtnz Martinez
Good morning. I live in UK (domicilied). My father passed away in Spain and I inherited a property which value was €160000 (one hundred sixty thousand euros), equivalent approx £138500. In that autonomous community inheritance tax is exempt for that value. After I have sold the property for the same ammount (€160000, aprox equivalent to £138500). Three questions: 1. Do I have to pay any tax for that inheritance? 2. Is there any capital tax gain if I sell the property for the same value of the inheritance? 3. Do I need to do any declaration if I transfer that money to the UK, or can I transfer it directly without do anything else?
Posted Tue, 28 Jan 2025 14:59:26 GMT by HMRC Admin 8 Response
Hi,
In answer to your questions:
1.Only UK assets are considered for the IHT and as he was non UK resident then the Spanish property is not subject to this    
2. As it has been sold for the same value as probate, no CGT is due
3. Not to HMRC but your bank may need something.
Thank you.

 

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