I have recently inheritated a property in Spain and I live in the UK , plan to sell this property I understand I need to pay 3% in Sales Tax what are the implications for Spanish CGT on a property worth in the region of 300,000euros please.
Capital Gains Tax
I have recently inheritated a property in Spain and I live in the UK , plan to sell this property I understand I need to pay 3% in Sales Tax what are the implications for Spanish CGT on a property worth in the region of 300,000euros please.
Dear 8dommet,
Welcome to the belegal forum.
CGT is 19% of the net profit. If you are non-resident in Spain and you are selling a property , the buyer of your property will have to retain the 3% of the Sales Price to pay directly to the Spanish tax office on your behalf.
That 3% paid will be used as a payment in advance and deducted from the result of your CGT.
Please click on the following link to read an article written by one of our expert lawyers about the Capital Gains Tax: http://belegal.com/wordpress/spanish...oes-unnoticed/
Regards,
Last edited by Patricia; 06-10-2011 at 02:50 PM.
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