Is CGT in addition to normal income Tax?
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Hi, We may sell our house this year and move in with the kids, does anyone know if CGT is in addition to normal income Tax?
Anyone know a good source of accountancy advice?
THANKS!
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IF you are resident in Spain and the property you are selling is principal residence there is no CGT as long as you reinvest in another principal residence in Spain within 2 years. Unless of course you are aged 65 (I think but PM one of the lawyers) or more and then as long as principal residence there is no CGT anyway whether reinvested or not. At least that is my interpretation of the law but someone better qualified should be able to confirm. Costs can also be offset against CGT as long as you have retained invoices and there is also an indexing (inflation) factor to factor in.
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com www.comparetravelcash.co.uk
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