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Property

Posted: Tue Mar 17, 2020 11:42am
5 replies208 views5 members subscribed
sue77

Posts: 92

12 helpful points

Location: Garrucha

Joined: 14 Oct 2017

Hi everyone, 

Does anyone know if you have spanish residency ans sell a property in the UK are you taxed on this under the spanish tax system. 

Regards

Sue & Neil

Alicia 11

Posted: Tue Mar 17, 2020 1:57pm

Alicia 11

Super helpful member

Posts: 2098

1775 helpful points

Location: Mojacar

Joined: 30 Sep 2019

Posted: Tue Mar 17, 2020 1:57pm

you'd have to declare it on a Mondeo 720 as a change of assets from the property to the cash.  not sure about capital gains tax if you pay it in uk someone will know.

John99andrew

Posted: Tue Mar 17, 2020 9:15pm

John99andrew

Helpful member

Posts: 784

450 helpful points

Location: Mojacar

Joined: 29 Nov 2017

Posted: Tue Mar 17, 2020 9:15pm

Alicia 11 wrote on Tue Mar 17, 2020 1:57pm:

you'd have to declare it on a Mondeo 720 as a change of assets from the property to the cash.  not sure about capital gains tax if you pay it in uk someone will know.

In a nutshell the answer is yes you would have to pay capital gain tax in Spain on the house in the uk becous the house in the uk is not your main residence if you are a resident in Spain

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chrisso50

Posted: Tue Mar 17, 2020 10:50pm

chrisso50

Super helpful member

Posts: 1106

1334 helpful points

Location: Roquetas de Mar

Joined: 23 Jul 2018

Posted: Tue Mar 17, 2020 10:50pm

I asked exactly the same question a month ago and got no reply 😯 

To be honest my advice is to consult an abogado about this. My impression is that as long as it’s done by the end of the Transition period any tax will not be as much as if it’s done afterwards. And if you use the capital to buy a property here, that will reduce any CGT payable in the U.K. or in Spain.

Chris

John99andrew

Posted: Wed Mar 18, 2020 10:24am

John99andrew

Helpful member

Posts: 784

450 helpful points

Location: Mojacar

Joined: 29 Nov 2017

Posted: Wed Mar 18, 2020 10:24am

chrisso50 wrote on Tue Mar 17, 2020 10:50pm:

I asked exactly the same question a month ago and got no reply 😯 

To be honest my advice is to consult an abogado about this. My impression is that as long as it’s done by the end of the Transition period any tax will not be as much as if it’s done afterwards. And if you use the capital to buy a property here, that will reduce any CGT payable in the U.K. or...

... in Spain.

Chris

The best advice is to consult Brevin Frank's financial consultants you will find there contact number in the euro weekly

They will put you right on all finalcial matters it better than getting secondhand imformation which may be right but could also be wrong

julie7591

Posted: Wed Mar 18, 2020 10:44am

Posts: 68

28 helpful points

Location: Bédar

Joined: 6 Feb 2016

Posted: Wed Mar 18, 2020 10:44am

This link may help clarify.... 

https://blog.abacoadvisers.com/calculating-capital-gains-tax-in-spain

we already have a property in Spain and wondered if we would have to pay capital gains tax on the sale of our UK main residence if we applied for Spanish residency.  the link above seems to indicate that you will have to. 

but, we have an appointment with Blevin Franks when we next fly out (June) to clarify.... complicated !

julie

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