Tax Reclaim – Spain Capital Gains
Tax Reclaim – Spain Capital Gains
May 27The public first started flocking to Spain in the 1970′s. The package holiday made areas such as the Costa del Sol an easily affordable holiday for hundreds of thousands.
Ever since then holidays altered enormously and there are numerous British people that presently or maybe have previously owned real estate in Spain. The advantages of a property in the Mediterranean have proven to be a winner in the UK.
It now seems that Spanish property buyers may be entitled to a refund of their Spanish Capital Gains tax. What this means is in the event that any of you sold a Spanish property between January 1st 1997 and December 31st 2006 you can get a refund.
How is this possible?
A recent judgment from the European Court of Justice (ECJ) validated that non-Spanish home owners had been unfairly charged 35% in Capital Gains Tax in comparison to 15% charged to local Spanish people. Because of this these days it is possible to submit a claim to see the 20% difference back from the Spanish Tax regulators.
It is estimated that the home owners who sold since 1997 could be due an average £13,500 <a href=”<http://www.goalgroup.com/solutions/goal-taxback.html> “>tax reclaim</a>. Subsequently, former Spanish homeowners might be eligible to claim a tax refund for missing interest at a rate of 6% from the date the reclaim is presented, making it practical for the complete reclaim to get even greater.
Commenting around the subject matter, Eduardo Fernandez Martinez, specialist in the Spanish Property Tax sphere had this to state, “This is breaking news for the non-resident taxpayer.
The Spanish Tax Authorities have been completely overloaded with claims ever since the judgment of the ECJ. The actual result that it had been both discriminatory and also unfair to impose a larger tax percentage is both deserved and overdue. Non-residents will now get what is indebted to them for investing in Spain for years.”
Who is eligible?
The qualification process is straightforward.
- You sold your Spanish residence between January 1st 1997 and December 31st 2006.
- At the time you sold your property you were not a Spanish resident
- You have a duplicate of the purchase and sale deeds of your property
- You’ve got the Spanish Tax form Modelo 211 and / or Modelo 212
What to do now
There are a variety of organisations which want to help people facing this challenge. Should you meet the criteria, it is strongly recommended that you do some research into your property and be sure you have all the necessary paperwork.
It’s then a question of finding the right organisation to help you.