Taxes on sale of share in property in Tenerife

Good Evening,

I have a property in Tenerife which was bought outright in 1988 for approx.
£42000 by four people .One of them sold his share in 2007 for £30000 and now we
are three in joint ownership.

The property is worth approximately £175000 and I am now looking
to sell my share for a third of value after tax.

Anybody help me with calculations please.


Thanks,

Mike Watkins

Hello Mike,

A sale of shares will be taxed in a similar way as an ordinary sale, and the applicable Tax depending on the gain you get after the sale. It will be taxed on the 20% over the gain once the transaction expenses are deducted. In order to offer an estimated calculation of costs, we would need to see a copy of the deeds and the last council tax bill to calculate costs based on the current fiscal value.

Also, other details are required, such as expected date of sale, and a copy of the last council tax to calculate the fiscal value that will be taken as reference for the tax calculation.

Regards,

Thanks Patricia,

I will have to get details,

Mike