Capital Gains Tax

Leaving money in UK bank account makes no difference as you are taxed on (and obliged to declare) worldwide income.

Selling in the same tax year as you get your NLV will see you liable to CGT on the property sold.  Tax year in Spain runs January to December.

I get that it makes no difference where my money is, but can’t see how they can take CGT from the sale of my U.K. home if I’ve not been a Spanish resident for under 6 months within the tax year?

I thank you for your reply, and can’t say you are wrong as I don’t know, but will obviously seek professional advice. 

Definitely the best thing to do; Spanish tax is an absolute minefield and you definitely need proper advice. 

Sell before tax resident ie spend less than 183 days in a tax year.   So sell and then  arrive in Spain for instance in August and will then be okay.  Check with a gestor or solicitor who will confirm everything.

Thank you Maggie, that’s what I had thought. My timing could be perfect this year, more through luck than judgement!

Any interest on UK bank account or dividends would be taxable as income in spain but clear of CGT

James

Thanks James, as I thought. I’m not trying to avoid what I owe, but am not prepared to give another country thousands of pounds in CGT where I’ve never lived, where I’d be exempt in the U.K. where I’ve lived and paid tax all my life. Also makes a difference to the property I would/could buy.

Every day is a school day. Thank you brexit for making a previously easy experience a head scratching pain in the rump!

Yes, ours was a stroke of luck.  Sold before we came out in August 2020.  Classed as non resident until end of the year therefore no C G T to pay.  Tax resident from Jan 2021 onwards.  Tax return plus declaration of assets completed in 2022 for 2021 tax year.

Don't think brexit has changed taxation plsition

James