Tag Archives: Taxable Base

Requirements exist to file return by Resident and non Residents individuals and corporations: Individuals: a. Taxes on Resident individuals : Tax Returns i. Income Tax –and Gains tax – annually ii. Wealth Tax – annually ii. Assets owned outside Spain– annually … Continue reading →

Real estate transfers that are not liable for VAT are usually liable to transfer tax on a rising scale starting at 8 per cent and rising to 10 per cent on the consideration exceeding EUR700,000 (except where the property is … Continue reading →

Residents: The mainstream corporation tax rate is 30 per cent, applying both to profits and capital gains. For small companies (turnover less than EUR8 million) a rate of 25 per cent applies to the first EUR120,202 and 30 per cent to … Continue reading →

Residents: For residents the tax applies to worldwide wealth. Net taxable wealth (NTW)  is taxable at rates of up to 2.5 per cent per annum. To arrive at NTW  each taxpayer (whether resident or non resident) may  deduct EUR700,000. Additionally … Continue reading →

Different tax rates may apply if the beneficiary is resident in Spain and the deceased has been habitually resident in an autonomous region, such as Madrid or the Balearics, for at least five years before his/her death and in some … Continue reading →

However, the tax thus calculated only represents the amount payable where: a.  The taxpayer is a relative within groups I and II above, and b. The taxpayer’s personal wealth for the purposes of Spanish Wealth Tax does not exceed Euros … Continue reading →

The default table only applies where the beneficiary is non resident – Regional rates will apply where the beneficiary is resident. For example in Andalucía the top rate is 36.50% Especially beneficial rates and rules apply where the deceased has … Continue reading →

The rates of tax after deduction of personal allowances and expenses for deaths during 2012 and thereafter are as follows: First slice Tax on first slice Excess Tax Rate on Excess €uros €uros €uros Percent % 0.00 7’993.46 7.65 7’993.46 … Continue reading →

These allowances are determined by reference to four categories of legatee. The categories and allowances for 2012 onwards are as follows. Group Relationship with the Deceased Euros I Children, issue and adopted children of less than 21 years of age  … Continue reading →

There is no exemption from inheritance tax or gifts tax on transfers between spouses as there is in the UK and France. It is the donee or beneficiary who is chargeable to tax (not the Executors or Administrators). Tax is … Continue reading →