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Hi all hope your all staying safe ,
Can anyone tell me if I have too pay capital gain tax when I sell my uk home and move to Spain and if so how much,
Thanks...
Posted: Mon Jan 25, 2021 4:58pm
Helpful member
I think it is on a sliding scale, up to 6,000 is 19%, then 6001 to 50,000 is 21% and 50,001 and above is 23%. Have a look at CAB Spain as they have much of the information you will need.
Having said that it is imperative you speak to a Spanish tax expert as taxation is complex subject and there may be many ways to mitigate your tax responsibilities.
Hope this helps. Karen
LosPardoslady wrote on Mon Jan 25, 2021 4:58pm:
I think it is on a sliding scale, up to 6,000 is 19%, then 6001 to 50,000 is 21% and 50,001 and above is 23%. Have a look at CAB Spain as they have much of the information you will need.
Having said that it is imperative you speak to a Spanish tax expert as taxation is complex subject and there may be many ways to mitigate your tax responsibilities. ...
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Hope this helps. Karen
In my experience, if he is currently in the UK as a UK resident and sells before he leaves the UK tax system there is nothing to pay.
You will have nothing to pay if you sold it in the previous tax year before you become a Spanish tax payer. But remember Spanish tax year is 1st Jan to 31st Dec not April to April like uk.
Getting the timing wrong selling your UK property and becoming a Spanish resident can leave you with a large tax bill.
Same applies to receiving a lump sum from a UK pension.
But speak to a Spanish tax expert urgently,
Posted: Tue Jan 26, 2021 10:45pm
Helpful member
Crancrank wrote on Mon Jan 25, 2021 6:54pm:
In my experience, if he is currently in the UK as a UK resident and sells before he leaves the UK tax system there is nothing to pay.
That is correct as long as you sell it before you get your residentia and in a different tax year you are ok, if you did both in the same tax year you will be liable for capital gaings tax
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Posted: Wed Jan 27, 2021 10:29am
Carwyn99 wrote on Tue Jan 26, 2021 3:31pm:
You will have nothing to pay if you sold it in the previous tax year before you become a Spanish tax payer. But remember Spanish tax year is 1st Jan to 31st Dec not April to April like uk.
Getting the timing wrong selling your UK property and becoming a Spanish resident can leave you with a large tax bill....
Read more...
...
Same applies to receiving a lump sum from a UK pension.
But speak to a Spanish tax expert urgently,
can anyone recommend a tax lawayer?
Posted: Wed Jan 27, 2021 11:27am
Helpful member
Igup wrote on Wed Jan 27, 2021 10:29am:
can anyone recommend a tax lawayer?
It's a accountant you need
Posted: Wed Jan 27, 2021 6:04pm
Carwyn99 wrote on Tue Jan 26, 2021 3:31pm:
You will have nothing to pay if you sold it in the previous tax year before you become a Spanish tax payer. But remember Spanish tax year is 1st Jan to 31st Dec not April to April like uk.
Getting the timing wrong selling your UK property and becoming a Spanish resident can leave you with a large tax bill....
Read more...
...
Same applies to receiving a lump sum from a UK pension.
But speak to a Spanish tax expert urgently,
hi,
so dose this only applied to 2nd homes , if I sold my mane home and move to Spain in the same tax year will I have to pay..
Posted: Wed Jan 27, 2021 8:33pm
Helpful member
Debbie 925 wrote on Wed Jan 27, 2021 6:04pm:
hi,
so dose this only applied to 2nd homes , if I sold my mane home and move to Spain in the same tax year will I have to pay..
Yes if you sell your main home in the uk and to Spain and you make yourself resident in the same Spanish tax year you will have to pay the tax
Posted: Thu Jan 28, 2021 9:08am
John99andrew wrote on Wed Jan 27, 2021 11:27am:
It's a accountant you need
can any9ne recommend an accountant?
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