capital gains tax

[vinnyk]

does anybody know the capital gains tax paid on a property sold in Costa Blanca Spain ? I have been told that it is 40% !!! seems a lot to me

[dzug]

Are we talking Spanish tax or UK tax?

[vinnyk]

Spanish tax !

[Ethel]

For non-residents the capital gains tax would be 40%.

[Ethel]

Sorry - it's 35% for non-residents.

http://www.telegraph.co.uk/global/main.jhtml?xml=/global /2006/03/02/762comprop.xml&sSheet=/global/2006/03/13 /home.html

[vinnyk]

Thank you Ethel thats good of you , just out of interest do you also know what it is for residents.........vinny

[Hard@it]

If you live in UK do you have our Tax to pay as well ?

[vinnyk]

thanks hard@it but I want to live in Spain and would like to know the tax I woild have to pay if I sold my house

[Dbeats01]

You would have to pay 40% but you don't really need to. Why not make a appointment with financial planning manager at your local bank and ask to setup a trust. one that you still control and can withdraw from when you are living. This does not need to be declared not even when you die. It does need to be declared with probate. And can be transferred straight to the beneficiary. This way you avoid even paying inheritance tax as well

[vinnyk]

Hey that's a great idea , thank you very much Dbeat01

from vinny

[frankief]

Where are you moving to vinny?

Just that Costa Blanca has bad rep at the moment.

[vinnyk]

Hi Frankief am looking ar south Costa Blanca , south of Torrevieja in fact , we have been there on a visit and it is very nice not cheap but affordable . Heard about the crime there but speaking to people there it is not as bad as here in UK or anywhere else........cheers vinny