Tax Planning with Peter Male Financial Services SL


There are a number of ways of removing or reducing inheritance tax liability such as a Family Trust, an Offshore Company, Property Disposal or the 'creation' of debt. Certain tax reduction activities may not be suitable for everyone and it can be a complicated and sensitive area of financial planning. But just a bit of foresight can pay huge dividends when it comes to Inheritance Tax, so start planning now so your hard-earned assets pass to your loved ones, not the taxman. A good place to start is by working out your assets today with Peter Male Financial Services SL.	Inheritance Tax & Tax Planning The objective of personal tax planning is to minimize or defer taxes payable. This requires a thorough understanding of Spain & the UK's Tax Laws. Here are just a few reminders on why to plan ahead: Work out your assets Take into account everything you own whether in Spain or the UK and then you can plan to cut your Inheritance Tax bills. Remember to review the value of your assets every few years. Making a Will This is the most fundamental piece of Tax planning. And remember to keep your will updated. If you have assets in Spain it is advisable to make a Spanish will. Spanish Inheritance Tax Laws** Assets located in Spain are subject to Inheritance Tax on death of a spouse and can be as high as 34%. Whether resident or not or whether the deceased leaves a Will or not the tax assessed is payable within 6 months of death. If the bequest is to more distant relatives or to non-relatives the tax can be even higher if the inheritor is already wealthy. The tax could be as high as 81.6%.
What is Spanish Inheritance Tax? Inheritance tax is the liability of the inheritor and is taken from the deceased estate. If property is involved it cannot be used as collateral security to provide a loan or cannot be sold until the tax is paid. In the UK there is an exemption on transfer of assets on death between spouses and in Spain there are various exemptions applicable if you are resident. However, any Inheritance tax payable would have to be paid before the assets are released/transferred. contact us today...


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Tax Planning Tips
Think about insurance. If despite all your careful planning, your estate is still likely to be liable for Inheritance Tax, consider taking out insurance to cover any eventual tax bill.
REMEMBER that should you wish to get involved in creating trusts you will need proper professional advice. The same goes for creating a Will. A badly-written Will is almost as bad as no will at all. At Peter Male we provide introductions to professional Investment, Will and Trust Service Companies.

Avenida Juan Luis Peralta, No1, 29639 Benalmadena Pueblo, Malaga, Spain.

Tel.: 0034 952 569 669
Fax.: 0034 952 569 645
e-mail: info@petermale.com