Property
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
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.
Posted: Tue Mar 17, 2020 9:15pm
Helpful member
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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Posted: Tue Mar 17, 2020 10:50pm
Super helpful member
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
Posted: Wed Mar 18, 2020 10:24am
Helpful member
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...
Read more...
... 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
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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