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Capital Gains Tax Hike on Spanish Property

By Jaime Vives - Thu 5th Jan 2012

Just announced - a second hike in the Capital Gains Tax (CGT) levied on non-residents by the Spanish Tax Office in as many years.

As from January the 1st 2012 Capital Gains Tax (CGT) for non-resident property owners in Spain will stand at 21% across the board. This follows a previous rise in 2010 from 18% to 19%.

In 2007 the European Union put pressure on Spain to lower the then CGT rate of 35% for non residents (15% for residents) to 18% - deeming it to be an unfair penalty on non-residents. A rise of 1% in 2010 passed relatively unnoticed but shows a worrying trend towards accelerating tax increases to boost the dwindling economy.

Spanish Residents will also feel the sting with figures rising to 21% up to 6000 Euros (Eu), 25% between 6001 Eu and 24000 Eu and 27% on higher figures.

Comment on this Blog

From January 1st 2012 CGT for non-resident property owners in Spain will stand at 21% across the board and this follows a previous rise in 2010 from 18% to 19%. If you are a British Tax payer and you sell a property in Spain and make a profit then you have to declare the gain on your UK Tax Return and pay CGT up to your total CGT rate if you are Taxed in the UK higher than 21%. You will then need to pay the difference to the British Government as you are Taxed on your worldwide income & gain in the UK. If you purchase, own, sell or inherit a Spanish property in a UK Limited Company struture there are many Tax savings to be made including the possible reduction in CGT.
Mark Roach, Wincham Consultants Ltd - Fri, 6th Jul 2012
I have seen it reported on another website that CGT in Spain for Non-residents is 27% above the 24000 euro level, which you have stated is what is payable for residents. I am a bit confused. Can you tell me, as a non-resident, if we were to sell our property and the gain would be over 24,000, what would the maximum rate of CGT payable in 2012/13 be?
Jill - Thu, 5th Jul 2012

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