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Inheritance Tax Threshold Rates 2014

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A brief overview of inheritance tax thresholds 2013 in the countries for which we most frequently receive enquiries.

UK » All assets, including trust and gifts made within seven years of death, will be subject to a 40% rate of tax on the amount over the nil rate band (£325 000).  This is doubled for married couples. This rate has now been frozen until 2019.

France » Children must receive some form of inheritance under French law. The rate is €150 000 per parent per child i.e. €300 000 for each child in a two parent family. If you are considered resident in France for tax purposes your worldwide assets will fall under the scope of French law. There is a dual taxation agreement between the UK and France meaning you will only need to pay once, except in highly exceptional circumstances.

Spain » If you are resident in Spain for tax purposes you are liable under Spanish law on all assets regardless of which country they are located in.  If you are resident, but not for tax, then you only pay on assets that are based in the country.   Children, spouses and parents have an allowance of €15 956 while brothers/sisters, aunts/uncles, neices/nephews have an allowance of €7993. After this the estate is taxed at; 11.9% up to €47 930, 16.5% up to €119 757 and 34% for anything over €797 555.

Hong Kong » Estate duty has been abolished as of February 2006, meaning the dependents of anyone who died on or after this date are not subject to any form of estate duty.

These are only broad outlines of the relevant laws in these countries and our consultants have considerbale experience in these and many other countries around the world. Regulations can vary greatly from country to country, so for information pertinent to the country relevant to your needs please contact one of our advisors.

*Correct at time of going to press, please check national government sites for updates