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"The creation of a tax efficient United Kingdom company is a sensible strategy for reducing inheritance taxation" - Joe Howard is the Senior Partner of Howard Mathews LLoyd Accountants UK
Anybody that has read our previous articles and blogs will already be familiar with the benefits of registering your Spanish property in a company name in order to avoid paying Spanish Inheritance Taxes unnecessarily. A question we are often asked is what the costs of doing this are, and what exactly is included in our fees.
Total Fees in UK Pound Sterling : £5000 OR the equivalent in Euros.
Finance Available : We could help you to finance this tax planning structure, click on our logo (above) for more information.
This includes:
- Formation of a UK Private Limited Company.
- Management & administration fees.
- A UK Notary to provide a translated copy of the Articles of Association and a Certificate of good standing, notarised and apostiled.
- A Spanish Abogado will apply to the tax office for a CIF number for the Company, will provide the transfer documents and attend the Spanish Notary to effect the transfer, and will deal with the registration of the property in the company name.
- Legal transfer and administration fees.
Annual Costs : Our company formation company (Companies4U) will provide the ongoing service of Registered Office and Company Secretary in the UK for an annual fee of £200 plus VAT to include the annual filing fee at Companies House.
Included in these costs we will also provide consultancy and advice to the Directors and shareholders of the company to ensure you always have a professional to fall back on.
Anything you need, from us just call.
Any questions ? – Simply contact us by the link to our own page (above) and we will be happy to get back to you.
Hello Lynn,
You can use the same UK Company for both your Business and Spanish property ownership but there are Tax advantages for setting up a separate UK Company as you can sell the UK Company with the Spanish property held within it helping to save the Buying & Selling Taxes in Spain.
I am trying to set up a business that will hopefully operate in both Spain and UK. Would I use this company name for the property or would it be better to have a different company name for it?
Dear Joan,
The only people who can leave a Spanish property to their Beneficiaries are those who are on the property deeds (Escritura) and registered at the Land Registry. We can help you invest your property into a UK Company and the owners on the property deeds will receive shares in the UK Company in exchange of the property. Those shares can then be transferred, or inherited by other family members, or 3rd parties with no Tax or implication in Spain.
We have had a mortgage on a Spanish property since 2006, there are 3 owners, but one of the owners is a sleeping partner and does not have his name on the property deeds or mortgage. We have not made a will, but is there a easier way to ensure he will get his share if 1 of the 2 owners dies ?
regards
Joan Bagot
Dear M.Calkin,
We can facilitate the process for your own UK Company and if a client wishes to file their own UK Company accounts that is no problem. Please visit the Wincham website - by clicking the Banner at the foot of this Blog - and register your details via the links above and we will be happy to supply your quotation requested.
We live in England and have our own company. We are interested in transferring our Spanish property to our company and would like to file our own accounts annually. Can you give us a detailed quotation for this transfer. Thankyou.
Hello Tony, Within our Organisation we have a subsidiary Company called Companies 4U Limited who is an approved Companies House Formation Agent, so we have immediate on line access to all the UK Company Tax Laws in the UK so I can confirm in the budget of 2008 the benefit in kind Tax for Directors of a UK Company which own property abroad was removed.
Could you please advise me under what circumstance has the taxation of benefits in kind on directors accommodation provided by a company been removed, as I have had difficulty in finding confirmation of this removal? This would obviously be a very significant factor in any decision to be made.
Dear Tony, The UK Limited Company does not need to be a Trading Company to remove Spanish Inheritance Tax but it does have to be a non Resident Company of Spain which we achieve for our client Companies. Please feel free to contact us for further information by clicking on our logo at the top right of this page.
Can you confirm whether the UK company owning the spanish property needs to be carrying on a trade, other than simply owning a property, in order to avoid inheritance tax or other tax related problems?
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