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Last Tax Law Question:

If I sell my apartment in Spain what is the most economical way of getting the proceeds from the sale?

Tax Law

Antonio Flores Vila

4th of January 2005

Q. If I sell my apartment in spain what is the most economical way of getting the proceeds from the sale to my bank in the uk if the money goes into my spanish bank i will have to pay charges to the bank if i get the money sent direct to my uk bank will i have to pay uk tax on it as i will have already payed spanish capital gains tax.

John

    A. The best way to avoid charges is to take the majority of the funds in cash, but I appreciate this may be awkward and what I therefore propose is that you cash the draft given to you by your buyer in the UK. The UK authorities cannot charge you tax on this as by virtue of the double taxation agreement UK-Spain your taxes are to paid in Spain. You can contact the Inland Revenue website non-residents section, at Uk Inland Revenue FAQ[/a], to clarify this position.


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