capital gains tax

[Patricia]

Hello,

The information given above is correct, but it can be restricted when it comes to point out that the seller of the UK property is a Spanish resident.

The sale in the UK is declared in the Annual Income tax declaration, where for instance the price was 150.000 Euros and 10% ( 15.000 ) was paid for capital gain taxes. The Spanish Tax office will calculate what the profit would have been if the transaction had taken place in Spain ( for instance, 15% tax, 22.500 Euros). As Spain and UK have a doble taxation treaty, the Tax officer will ask the Spanish resident to pay the difference between the taxes paid in UK and the taxes such a transaction attracts in Spain. In our example, it would be the difference between 22.500 and 15.000; that is, 7.500 Euros.

Regards,

[Emmaq]

Hello,
I wonder if someone can help me!
I have been a spanish resident since 2000 and i bought a property in 2002 more or less.
I sold the property october 2013 and me and my ex partner have made quite a big profit each. Because i stopped work in october 2009, i didnt do La Renta as i thought it wasnt necessary.
When i sold the property they then classed me as a non resident and i had to pay the 3% tax for non resident! i am in the middle of trying to claim it back.
I am very worried though as i have to do La renta in May, but as i havent worked because caring for my children, i am worried that they will take alot of this money because ive made so much profit! as the money is what i am living from.
I went to a tax advisor when i did the papers to claim back 3% non resident (and were still waiting for there reply), i told him my concerns about La renta and he said that becasue i dont work and have 2 small children maybe they will take this into account, and i might not have to pay much or nothing?
Im really worried they will take alot of this money, as most of it has been used already for living!
I would be greatful for any help and advice!
Thank you.