here is a lot of talk just however, that this same gain will
now in Spanish property also give rise to a CGT liability
circles about the recent back in the UK, which net of the
reduction in Spanish Capital lower Spanish tax, per the Double
Gains Tax. Many Spanish property Taxation Treaty between Spain and
developers and, more importantly, the UK, will now be
the property agents who service correspondingly higher.
the UK market, are quick to point Kingdom-Homes believe the most
this out and often use it to significant impact of this change
entice UK buyers to the Spanish will in fact be a higher taxation
market. liability for Spanish residents,
who will now pay 18%, instead of
Kingdom-Homes believe this is the 15% previously.
most recent example of the
misleading half-truths and hype Kingdom-Homes encourages UK
all-too-common in the Spanish buyers of Spanish property to
property sector. The company ensure that they fully understand
points out that for the majority all the implications of buying,
of UK resident buyers, the total subsequently owning, and
Capital Gains Tax payable on the eventually selling a Spanish
sale of Spanish property is property, and not to be
unlikely to be very different over-influenced by the partial
than it was previously. favourable information too often
advanced by those with a vested
The sale of Spanish property by a interest. The company believes
UK resident will now give rise to that a major investment of this
a Spanish CGT liability of 18%, kind calls for substantial due
compared to 35% prior to the new diligence on the part of the
law taking effect on 1 January. British buyer prior to visiting
It is important to realise, properties in Spain and the help
of a property agent in Spain that was not to improve the Spanish
can be trusted to put the buyers property market, but in response
interests before their own. to a European Union ruling
forcing Spain to remove its tax
It is insightful perhaps to discrimination against
appreciate why this change to non-residents.
Spanish capital gains taxes was
enacted in the first place. It
About the Author:
Kingdom-Homes(http://www.kingdom-homes.com) sell Spanish property in Murcia / the Costa Calida, a genuinely unspoilt region of Spain. Kingdom-Homes is firmly committed to the highest ethical standards, putting their clients property requirements and interests before their own commissions
Read more articles by:
John Hill
Article Source: www.iSnare.com 
