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I am a UK domicile, non-UK resident, resident in Spain (Lanzarote).

Answered by:TonyTax
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I am a UK domicile, non-UK resident, resident in Spain (Lanzarote). If I gift my majority holding of shares in a UK trading company to my UK domiciled and resident son, am I liabile to Spanish Taxes on the gift?

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System of Law: England-and-Wales

Submitted: 328 days and 21 hours ago.

Category: UK Tax

Value: £33

Status: CLOSED

Accepted Answer

Expert: TonyTax replied328 days and 20 hours ago.

Hi.

Gift Tax in Spain covers gifts made during the lifetime of the donor. Inheritance Tax in Spain covers legacies from deceased estates and is payable by the recipient of a legacy, not the deceased estate as in the UK.

In Spain, Gift Tax is levied on the recipient of a lifetime gift or a legacy if they are resident in Spain. The asset has to be located in Spain, Therefore, as your son is resident in the UK, he is beyond the reach of Spanish Gift Tax.

Given the economic mess Spain is in right now, their tax system is under review with a view to introducing measures to increase tax yield. In particular, Gift Tax is being looked at closely. You'd be well advised to keep your ear to the ground or seek out some local reliable advice as tax law can and does change.

Let me know if you have any further queries.TonyTax41116.4745566319

Expert Type	Tax Consultant
Category:	UK Tax
Pos. Feedback:	99.0 %
Accepts:	6524
Answered:	7/26/2012

Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.

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Customer replied328 days and 20 hours ago.

Dear XXXXTax,
Many thanks for your speedy response. This was very useful in confirming my understanding of the Spanish tax law. I have rated you accordingly.
Regards, Rob

Expert: TonyTax replied328 days and 20 hours ago.

Thanks.

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