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07 Nov 2006 12:00 AM by Derjac Star rating in Newport, Gwent and D.... 35 forum posts Send private message

 I saw this article in a Spanish paper a couple of days ago

Capital Gains Tax for non-residents reduced from 35% to 18%
Legislation to reduce Capital Gains Tax for non-residents from 35% to 18% (and increase it for residents from 15% to 18%) was approved by the Spanish Senate in October. The new regulations also reduce the withholding provision that non-residents pay when selling property in Spain from 5% to 3%. The new regulations come into force at the beginning of January 2007. Non-resident vendors should try to delay completion until January 2007 to benefit from these lower taxes.

 can anybody advise me on the following:

  1. How will this affect us in the future when we want to sell our property in 5 to 7 years time if we complete before January 2007?
  2. Does this mean if we complete before Jan 2007 we will be subject to 35% capital Gains Tax when we eventually sell

Derjac



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08 Nov 2006 11:14 AM by michael52 Star rating in Bushey, Hertfordshir.... 308 forum posts Send private message

michael52´s avatar

The advice is to delay completion of sales, not purchases.

The new rates will apply to CGT on all future sales after Jan 2007 until further legislation. 


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