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The Law has changed and foreigners pay the
same amount of Capital Gains Tax as the
Spanish. But the effect of the former
regulations in Spain which were deemed
illegal is now having a rebound on the
Spanish Authorities. Thousands of Euro may
be owed to previous owners as a result of
the illegal taxation and there’s no doubt they
want refunding, which is not surprising!
In January 2007 the Spanish Law governing
Capital Gains Tax altered. This was brought
about because of irregularities in the tax
system which meant that non-resident
sellers paid 35% capital gains whereas
residents, where appropriate paid 15%
It was argued and found in the EU that this
was illegal. This was then translated in to
the legislation that came in to force in
January 2007. The adjustment being that
anyone due to pay capital gains would do so
at 18%. It does not take a genius to work
out that those that sold before the change in
law paid too much tax. There is now the
opportunity to try to recover the tax paid.
The difficulty is that it must be done within 4
years of the sale. So if the sale took place
over 4 years ago there is no recompense.
Confused? We can help you on a fixed fee!
same amount of Capital Gains Tax as the
Spanish. But the effect of the former
regulations in Spain which were deemed
illegal is now having a rebound on the
Spanish Authorities. Thousands of Euro may
be owed to previous owners as a result of
the illegal taxation and there’s no doubt they
want refunding, which is not surprising!
In January 2007 the Spanish Law governing
Capital Gains Tax altered. This was brought
about because of irregularities in the tax
system which meant that non-resident
sellers paid 35% capital gains whereas
residents, where appropriate paid 15%
It was argued and found in the EU that this
was illegal. This was then translated in to
the legislation that came in to force in
January 2007. The adjustment being that
anyone due to pay capital gains would do so
at 18%. It does not take a genius to work
out that those that sold before the change in
law paid too much tax. There is now the
opportunity to try to recover the tax paid.
The difficulty is that it must be done within 4
years of the sale. So if the sale took place
over 4 years ago there is no recompense.
Confused? We can help you on a fixed fee!
| Costa Blanca Lawyers - Spanish Capital Gains Tax Overpayment advice in English from English Lawyers |
The Spanish authorities are attempting to
resist reclamation of the tax and anyone
involved in so doing is likely to be in for a long
wait.
However, if you register your claim within the
4 years then it will be dealt with, no matter
how long it takes.
It goes without saying that if you do not claim
you will not recover the excess taxes. The
worrying part is that it amounts to an average
of 11,000€ per non-resident seller. Therefore
it is certainly worth considering. If you owed
the money to the Tax man then they would be
after you rather quickly!
Anyone wishing to follow this process must
have the forms sent to Hacienda detailing the
monies paid. For most people there was a
5% retention at the point of sale for payment
to the Hacienda.
Bring your paperwork along to us and we can
work out what if anything you could claim.
It is certainly a well worth exercise. It’s your
money not the Tax man. To submit this for
you we have a competitive fixed fee.
To see if you are due a refund from the
Spanish Authorities for CG Tax call us now
resist reclamation of the tax and anyone
involved in so doing is likely to be in for a long
wait.
However, if you register your claim within the
4 years then it will be dealt with, no matter
how long it takes.
It goes without saying that if you do not claim
you will not recover the excess taxes. The
worrying part is that it amounts to an average
of 11,000€ per non-resident seller. Therefore
it is certainly worth considering. If you owed
the money to the Tax man then they would be
after you rather quickly!
Anyone wishing to follow this process must
have the forms sent to Hacienda detailing the
monies paid. For most people there was a
5% retention at the point of sale for payment
to the Hacienda.
Bring your paperwork along to us and we can
work out what if anything you could claim.
It is certainly a well worth exercise. It’s your
money not the Tax man. To submit this for
you we have a competitive fixed fee.
To see if you are due a refund from the
Spanish Authorities for CG Tax call us now
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Thousands are thought to have paid too much CG tax on property in Spain
53 Million euro owed
by Spanish
authorities to non
resident British tax
payers
Over payment of
Capital Gains on
sales is unlawful
Only 4 years from
date of sale to
claim your refund
Don’t delay you could
miss out average
refund 11,000 GBP
A long process
resisted by the
authorities but
probably worth it to
get a refund on
overpaid CG Tax
Is it your money the
tax man is holding ?
You think it is easy?
See the Spanish Tax
Authorities Website!!
Click Here
by Spanish
authorities to non
resident British tax
payers
Over payment of
Capital Gains on
sales is unlawful
Only 4 years from
date of sale to
claim your refund
Don’t delay you could
miss out average
refund 11,000 GBP
A long process
resisted by the
authorities but
probably worth it to
get a refund on
overpaid CG Tax
Is it your money the
tax man is holding ?
You think it is easy?
See the Spanish Tax
Authorities Website!!
Click Here
| Ex Pats Over Taxed On Capital Gains On Property |
| NORTH OFFICE ALFAZ DEL PI Tel 966 860 555 Calling From The UK? 3p per minute anytime Tel 08444 257 633 Contact SOUTH OFFICE SAN FULGENCIO Tel 966 727 931 Contact |
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| Central Reception 902 882 177 |