Help with capital gains tax

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
14 May 2008 12:00 AM by espana Star rating. 6 posts Send private message

I've just sold my house in mallorca and i need some help...

I bought in dec 06 for 293,500 plus 20,545 iva, I have sold for 350,000 and been charged 3% capital gains tax of the sale price, which means today 10,500 was held back.

can i claim this back and surely the CGT should have been charged on the gain and not the sale price, can anyone help?

Thanks





Like 0      
14 May 2008 11:09 PM by jane b Star rating in Bedar, Almeria. 222 posts Send private message

jane b´s avatar

Assuming that things work on Mallorca as on mainland, the 3% is a withholding tax.   

My understanding is that you should now make a proper return which shows your actual gain after expenses and allowances  and this will be taxed at 18%.   if that works out at less than you have paid then you should get a refund, if it works out as more then you owe them more.  On this basis and looking at the figures they owe you about half of what you have paid or even less if you had estate agents and lawyers fees to offset.  

If on the other hand you are a resident and you are rolling over the full €350,000 into a new purchase of a principal residence in the next two years you will not pay anything at all and you should get back all the tax paid.

If I am wrong I am sure Maria will tell us!



_______________________

www.fincalaserenidad.com




Like 0      
15 May 2008 2:19 PM by espana Star rating. 6 posts Send private message

Thanks jane b....



Like 0      

Pages: 1 |

Post reply    Start new thread


Previous Threads

Caravan - 10 posts
attention all owners - 0 posts
kids activities / groups / out of school clubs/ football coaching in costa del sol ?? - 3 posts
Has anyone any completionnews at all? - 2 posts
La Vizcaronda, Duquesa, Manilva - 19 posts
Karen & Terry Beattie - 2 posts
San Jose into liquidation. - 362 posts
La Nueva Ermita - 0 posts
HELLDORADO - 3 posts
A question on how to advertised a property rental. - 2 posts
cheap car hire - 34 posts
Elegance Dona Julia - 3 posts
Emailing using a Blackberry - 1 posts
Ripples.................................................... - 4 posts
Electricity costs - 7 posts
4 Month old baby in Spain - 2 posts
WANTED 3 MONTH RENTAL - Early JUNE To SEPTEMBER 5th - 1 posts
Dona Julia - 6 posts
Schools - 4 posts
Laptop help please - 15 posts
How to find a good administrator? - 9 posts
buying golf clubs - 7 posts
Introducing myself to the forum - 1 posts
El Rocio - 5 posts
Anyone in Torrevieja? - 3 posts

Number of posts in this thread: 3

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 |
Our Weekly Email Digest
Name:
Email:


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x