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Thread: Roll over cgt .

  1. #11
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    Quote Originally Posted by Unregistered View Post
    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
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    Lawbird Spanish Lawyers

    Is Mr Nesbitt correct ?
    Oops! I'm right in the above query and wrong in yesterday's. Thanks for pointing that out.

    Cgt again !
    Anne

    As a recap: to benefit from the exceptional extension of the 31st December 2010 in CGT roll-over relief you need to have purchased the second property prior to selling the Spanish one. Therefore the person who started off this thread cannot benefit from the additional extension as he first sold (May 2007) his main residence and then went on to re-invest on the following year the sales proceeds in another residence (June 2008).

    Fortunately Spain's Tax office explains it better than me!

    http://www.agenciatributaria.es/wps/...S&menu=2&img=7


    Plazo de la reinversión.

    La reinversión del importe obtenido en la enajenación deberá efectuarse, de una sola vez o sucesivamente, en un perÃ*odo no superior a dos años, contados de fecha a fecha, que pueden ser no sólo los posteriores sino también los anteriores a la venta de la anterior vivienda habitual.

    No obstante y excepcionalmente , en aquellos casos en que se adquiera una nueva vivienda previamente a la transmisión de su vivienda habitual y dicha adquisición hubiera tenido lugar durante los ejercicios 2006, 2007 ó 2008 , el plazo de dos años para la transmisión de la vivienda habitual, establecido con carácter general en la normativa del Impuesto, se ampliará para todas ellas hasta el dÃ*a 31 de diciembre de 2010.
    I hope the above clarifies and apologise for the confusion caused.

    Sincerely
    Raymundo LarraÃ*n Nesbitt
    Last edited by Lawbird Lawyer; 08-03-2010 at 11:04 AM.

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