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We are long term fiscal residents. We own properties in the UK, which we rent out - we have never occupied any of them. We are thinking of selling one of them. We bought it in 1990 for £65,000, and it is now worth around £240,000. If we sold it whilst we were still spanish residents, how much would our capital gains tax liability be?
Dear Mrs. McKellar,
As the assets that you want to sell are located in UK and therefore it will be there were the income is generated, any due tax should be paid in UK, being the sellers of British nationality. There is an agreement between Spain and UK to avoid double taxation.
You will need to declare your income tax there and pay around 40 % approximately.
Regards,