Roll over cgt .

[Unregistered]

I read this on another thread .....
CGT again!!
We are spanish residents and are also fiscal tax residents and have accounts done every year.We are trying to sell the house and go back to England.We are in the process of getting a document from the accountant to stop 3% being held at the notary.
We have been told that as long as we use all the proceeds from the house to buy a house in England within 2 years this can be offset against the CGT due in Spain.Presumably we would have to produce accounts the following year with the details of the sale in,
Is this correct,if it isn't,if we just pay the 3% and return back to England,would we be pursued for any more? ........
These people were told they were advised correctly .

I was also a fiscal tax resident and up to date with my tax returns up to leaving in 2007 . I sold my home and moved to the UK paying no cgt in august 2007 . I bought a new home in the UK in June 2008 with my profits but have not returned to Spain to do a tax declaration since leaving . Can I do the declaration now to show that my profits have been spent on my new UK home ? I DO intend to return to Spain to live again in the future .
Thank you

[Lawbird Lawyer]

Dear Sir or Madam

This same query has ben posted already this morning on the tax sub-forum.

I refer you to my reply:

Returning to England - by Lawbird Lawyer - Mon, Aug 2nd 2010, 13:41

I believe you may be too late to make the declaración now and profit from the roll-over relief.

I advise you to read our Taxes sub-forum as this same query has been posted frequently over the years.

Yours sincerely
Raymundo LarraÃ*n Nesbitt

[Unregistered]

Is there someone who can advise me if it is too late to send in an income tax form to inform hacienda of the purchase of my uk property in June 2008 therefore proving that I have used the profits of my Spanish home sold in May 2007 ?

[Unregistered]

Is there someone who can advise me if it is too late to send in an income tax form to inform hacienda of the purchase of my uk property in June 2008 therefore proving that I have used the profits of my Spanish home sold in May 2007 ?

Sorry forgot to add
My last of 16 years of income tax declared was in June 2007 .

[Lawbird Lawyer]

Dear Sir or Madam

I believe you may be still on time as there was an amendment to the law extending the roll-over relief.

Extraordinarily, where a residence was sold in 2006, 2007 or 2008, the re-investment period is extended to the 31st December 2010.

Even on re-investing in the U.K., yes.

[Unregistered]

I meant that my last income tax form in Spain was done in 2007 .
Sorry, I thought you were unsure when you said " I Believe you may be too late "

As I am too late to declare the roll over I think that I will not be able to return to Spain without paying full cgt unless I wait for longer than 4 years and the statute of limitation has passed , is this true ?

[Unregistered]

Dear Sir or Madam

I believe you may be still on time as there was an amendment to the law extending the roll-over relief.

Extraordinarily, where a residence was sold in 2006, 2007 or 2008, the re-investment period is extended to the 31st December 2010.

Even on re-investing in the U.K., yes.

Yes I have invested in the uk

[Lawbird Lawyer]

Hi

Sorry to confuse you, let me rephrase my reply. There was an amendment by the Government to this general roll-over relief rule.

If you've sold your main residence between 2006-2008 (tick) and you re-invested the sales proceeds in another main residence such as in the U.K. within that time (tick again) extraordinarily the extension date was pushed back to the 31st December 2010.

Meaning you can benefit from it if you wish.

[Unregistered]

Thank you for clarifying that for me .
I will be coming to Spain for 1 week in October . I will make an appointment with an abogado to create the tax returns for the years that I have missed .I believe that will be tax year 2007 when the house was sold ,and 2008 when the uk house was purchased which would ideally have been presented in June 2008 + 2009 .
May I ask another question .
Do you have any idea what I will need to bring with me for the income tax forms to be completed ? A copy of My house deeds perhaps ?
I am very grateful for your assistance and hope that I can resolve these matters

[Unregistered]

Dear Sir or Madam

I believe you may be still on time as there was an amendment to the law extending the roll-over relief.

Extraordinarily, where a residence was sold in 2006, 2007 or 2008, the re-investment period is extended to the 31st December 2010.

Even on re-investing in the U.K., yes.

This is also on the forum as an answer to a similar question . I am now confused . I copy and pasted it here......

What the law firm you refer to are quoting correctly is specifically in the case when prior to selling your main residence you have bought another property in 2006, 2007 or 2008 exceptionally the dealine for this roll-over relief was extended to the 31st of December 2010 as they neatly write in their fact sheet.

But you haven't purchased another property in the interim prior to the sell of your own main residence, from what you write; therefor the 2 years would be up for you already in my opinion.

Frankly, I doubt the fiscal authorities will allow you get away with it. But it's worth trying as you have nothing to lose.

Yours faithfully,
Raymundo LarraÃ*n Nesbitt
__________________
Lawyer/Abogado
Lawbird Spanish Lawyers

Is Mr Nesbitt correct ?