Spanish inheritance tax differs a lot from UK: in addition due amounts may vary by regional Inheritance tax, read from Advocate Abroad's English-speaking Probate Law experts in Spain.
Inheritance tax is payable on all bequests of assets including:
- any cash paid out by the maturity of a life insurance policy
The amount payable is the net amount after deductible costs and charges. Admissible costs and charges would include:
- Social Security Debts
- Tax Debts
- Outstanding Mortgage Debt
- Health Care Expenses
- Funeral Costs
Not included would be debts owed to any of the beneficiaries even though they chose to turn down the bequest.