Transfer Tax

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01 Nov 2014 7:17 PM by Keijolii Star rating. 2 forum posts Send private message

Hi.

Has anybody received message from taxoffice conserning about an extra transfer tax?

We bought our appartment march 2011 and payed 1 % transfer tax of sum we payed to Polaris World.

Now the message from tax office means that they value the apartment double the price we payed 2011 and demand us to pay extra tax.

Is that really legal?

 

KInd regards

Keijo and Lea

 




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02 Nov 2014 8:05 AM by RichA4 Star rating. 351 forum posts Send private message

Unfortunately this is Spain and yes they can and often do things like this, please read this especially the second  last paragraph ITP is the transfer tax. 

Under the terms of the Spanish law Ley del Impuesto sobre Transmisiones Patrimoniales y Actos Jurídicos Documentados, enacted in 1993, regional tax authorities have powers to examine all property purchases in order to ensure that the correct amount of ITP is paid by the buyer.

Such powers were designed to ward off deliberate attempts at tax avoidance, and were intended to be applied on an ad hoc basis, but there is clear evidence that such checks are becoming more commonplace and less random.

Buyers might assume that they’re in the clear if they pay the taxman the quoted percentage on the price they agree with a vendor. The exact amount of ITP depends on the various autonomous authorities across Spain but commonly varies between eight and 10 per cent of the sale value.

However, the law entitles tax offices to calculate the sum they’re entitled to not on the agreed sale value, but what they believe to be the "real" value, should this exceed the transaction price. This official value is set according to a number of factors, including local land values and property records.

Given the various circumstances in which owners might be prepared to accept offers well below a property’s recognised market value – such as disposing of a home they inherited but can’t afford to keep, divorce, the loss of a job or disenchantment with life on the Costas – there is the potential for any number of sales to come under review.

Importantly, regional tax authorities may conduct their review up to four years post-completion of a sale. Buyers might only become aware that they are liable for the difference between the ITP paid at the time they took ownership and the official calculation when they receive a demand for additional taxes at their Spanish property.

Those owners who only occasionally visit such second homes may not immediately pick up such a tax bill in their post, missing crucial deadlines. Penalty charges and interest might, therefore, also accrue.

 

 

 


4.

 


This message was last edited by RichA4 on 02/11/2014.

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02 Nov 2014 9:33 AM by norm de plume Star rating in North Tenerife and L.... 162 forum posts Send private message

I received a demand a couple of years ago.  I entered a recurso (appeal) in February this year.  To date I have had no response and have complained to the Ombudsman (again).




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02 Nov 2014 1:14 PM by Keijolii Star rating. 2 forum posts Send private message

Hi.

Actually we mistaked the stamp duty with the  transfer tax. In our case tax office is looking after stamp duty.

Does it make any sense to complain?  Or to pay? ( 800 € ).

 

Kind regads

 

Keijo and Lea

 




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