Join Talk Quesada
Welcome to Talk Quesada! My name's Alex and this is my website all about Ciudad Quesada in Spain. Talk Quesada is free to sign up and use so register below!
Tax on sale of uk home
Tax on sale of uk home
by Mac davies » Tue Mar 26, 2024 12:38 pm
Hi Everyone,
We have decided to sell up and move into our Spanish property,
We’re wondering if we have to pay capital gains tax on this property? ( payable to the Spanish tax man?)we will make a profit of approximately 30k on this property since we bought it.
I think it was mentioned on this forum a while back( can’t find the info now)that a lot depends on what time of the year we move out,
Any information would be great help
Thanks
Mac
We have decided to sell up and move into our Spanish property,
We’re wondering if we have to pay capital gains tax on this property? ( payable to the Spanish tax man?)we will make a profit of approximately 30k on this property since we bought it.
I think it was mentioned on this forum a while back( can’t find the info now)that a lot depends on what time of the year we move out,
Any information would be great help
Thanks
Mac
-
Mac davies - Posts: 108
- Joined: Wed Jan 26, 2022 9:25 pm
- Which part of Spain are you from?: Quesada
- Gender: Male
Re: Tax on sale of uk home
by JustGinger » Tue Mar 26, 2024 1:23 pm
It was me who asked the question. If you're still tax resident in the UK and it's your main home then you won't pay taxes - as long as you sell before you change your residency.
My question was whether I would pay capital gains tax if I was resident in Spain and sold what would be my main home.
My question was whether I would pay capital gains tax if I was resident in Spain and sold what would be my main home.
- JustGinger
- Posts: 526
- Joined: Thu Sep 05, 2019 7:20 am
- Which part of Spain are you from?: Quesada
- Gender: Female
Re: Tax on sale of uk home
by Bee » Tue Mar 26, 2024 1:29 pm
Yes make sure you time your UK move to make sure you don't fall within the 183 days in Spain after the UK sale.Explanation and worked example here
https://upsticks.es/the-spanish-capital-gains-tax-trap/
If you are over 65 and a Resident in Spain for 3 years then you won't pay CGT on the sale of your property. So it would make sense to time your move from the UK to make sure it is tax efficient and to not sell your property in Spain if you are over 65yrs until you have lived in the property as Residents for 3 years.
Your €30K would carry a 19% Spanish tax bill if you don't satisfy the above regs. So you will have to decide if the €5700 tax bill is liveable with.
If you are under 65 these are the regs
If you are tax resident in Spain, selling your home that you have lived in for at least the last three years and reinvest all the profit in your next home (in Spain or the EEA). You must reinvest the profit within two years of selling the property.
Did you know? You are only Spanish tax resident if you are registered with the Spanish Tax Authorities.
Bee
https://upsticks.es/the-spanish-capital-gains-tax-trap/
If you are over 65 and a Resident in Spain for 3 years then you won't pay CGT on the sale of your property. So it would make sense to time your move from the UK to make sure it is tax efficient and to not sell your property in Spain if you are over 65yrs until you have lived in the property as Residents for 3 years.
Your €30K would carry a 19% Spanish tax bill if you don't satisfy the above regs. So you will have to decide if the €5700 tax bill is liveable with.
If you are under 65 these are the regs
If you are tax resident in Spain, selling your home that you have lived in for at least the last three years and reinvest all the profit in your next home (in Spain or the EEA). You must reinvest the profit within two years of selling the property.
Did you know? You are only Spanish tax resident if you are registered with the Spanish Tax Authorities.
Bee
- Bee
- Posts: 3332
- Joined: Sun Dec 10, 2017 1:07 am
- Which part of Spain are you from?: Torrevieja
- Gender: Female
Re: Tax on sale of uk home
by Kingy0 » Wed Mar 27, 2024 12:43 pm
The first question is, are you still a non resident? If so you have to do the whole process of I think it's called applying for a NLV to gain residency in Spain. If you are planning this it would be best to speak to a professional advisor to help you navigate the process.
- Kingy0
- Posts: 139
- Joined: Thu Oct 31, 2019 11:31 am
- Which part of Spain are you from?: Villamartin
- Gender: Male
Re: Tax on sale of uk home
by bjleys » Fri Mar 29, 2024 9:44 am
The profit due for CGT on the sale of a UK home if tax resident in Spain.
The purchase price plus legal fees etc multiplied by the euro/pound exchange rate for the year of purchase.
The sale price less legal/estate agents fees etc multiplied by the exchange rate for the year of sale. The difference is the CGT due.
The purchase price plus legal fees etc multiplied by the euro/pound exchange rate for the year of purchase.
The sale price less legal/estate agents fees etc multiplied by the exchange rate for the year of sale. The difference is the CGT due.
- bjleys
- Posts: 30
- Joined: Fri Feb 02, 2018 1:27 pm
- Which part of Spain are you from?: Rojales
- Gender: Male
5 posts
• Page 1 of 1
Related topics
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Home sale
by Gandy1976 » Thu Jan 04, 2024 7:59 pm in General property discussion - 2
- 214
-
by jpeg
Fri Jan 05, 2024 9:47 am
-
Home sale
-
-
FOR SALE - PARK HOME €39,995
by Marymount » Sun Apr 30, 2023 2:30 pm in Properties for sale: apartments, houses and villas in Quesada - 5
- 503
-
by Marymount
Sun Apr 30, 2023 5:22 pm
-
FOR SALE - PARK HOME €39,995
-
-
For sale: Home Exercise Bike.
by OldSalt » Fri Sep 22, 2023 1:41 pm in Items for sale in Quesada and surrounding areas - 0
- 87
-
by OldSalt
Fri Sep 22, 2023 1:41 pm
-
For sale: Home Exercise Bike.
-
-
Camping Gaz home heater for sale
by Speedy Gonzalez » Thu Feb 15, 2024 12:34 pm in Items for sale in Quesada and surrounding areas - 1
- 160
-
by Speedy Gonzalez
Mon Mar 11, 2024 12:15 pm
-
Camping Gaz home heater for sale
-
-
CAPITAL GAINS TAX ON SALE OF UK FAMILY HOME
by EdOD » Thu Feb 22, 2024 2:16 pm in Taxes in Spain: Suma, NIE and general tax advice - 1
- 176
-
by Bee
Tue Mar 26, 2024 11:58 am
-
CAPITAL GAINS TAX ON SALE OF UK FAMILY HOME
Return to Quesada general discussion
Who is online
Users browsing this forum: 24210168, ADmantX [Bot], Chris&Maggie, Google [Bot], Google Adsense [Bot], paulparkes, Wales123 and 72 guests
Login
Find in Quesada
Quesada pages
Quesada discussion
- Quesada general discussion
- Banking and finances
- Broadband, Wifi, Phone and TV
- Buses and public transport in and around Quesada
- Driving to Spain / Car hire in Spain / Buying and owning a car in Spain
- Fiestas in Quesada
- Flights, baggage and airports
- Health services in Quesada
- Insurances and wills in Spain
- Items for sale and wanted in and around Quesada
- Interesting articles about Spain
- Jobs and careers in Quesada
- Lost and found in Quesada
- Market days
- Places to go for free Wi-Fi
- Recommended restaurants / cafes / bars
- Recommended Tradesmen and Companies
- Residency in Spain: padron, residencia and passport advice
- Safety / security information and property in Spain hints and tips
- Taxes in Spain: Suma, NIE and general tax advice
- Taxis in Quesada
- Things to do and places to go in and around Quesada
- Utilities in Spain: Electric, gas and water recommendations and advice
- Weather in Quesada
- Where to buy things in and around Quesada
- Where to hire things in and around Quesada
Properties discussion
Businesses and places in Quesada
- Bars and pubs in Quesada
- Beaches near Quesada
- Beauticians / Beauty salons in Quesada
- Bedding and soft furnishings shops in Quesada
- Butchers in Quesada
- Car dealers in Quesada: new and used car dealers
- Car garages, mechanics, tyre fitter centres in Quesada
- Car hire in Quesada
- DIY / Bricolage / Ferreteria stores in Quesada
- Equipment hire centers in Quesada
- Estate agents in Quesada
- Furniture shops in Quesada
- Garden centres and garden furniture shops in Quesada
- Golf Courses in Quesada
- Grills / gates / metal items shops in Quesada
- Hairdressers in Quesada
- Hotels, guest houses and bed and breakfasts in Quesada and nearby
- Internet service providers that cover Quesada
- Launderettes / dry cleaners in Quesada
- Markets in Quesada
- Medical / Health centers in Quesada
- Pet shops in Quesada
- Pharmacies / Chemist shops in Quesada
- Restaurants in Quesada
- Shopping centres in Quesada
- Sports centres and gyms in Quesada
- Supermarkets in Quesada
- Swimming pool services in Quesada
- Town Halls (Ayuntamientos) in Quesada
- Waterparks/Aquaparks in Quesada
- TalkQuesada » Board index
- The team • Delete all board cookies • All times are UTC [ DST ]
- Our other websites:
- Costa Blanca forum
- Costa Calida forum
- Costa del Sol forum
- Costa de Almeria forum
- Costa de la Luz forum
- Costa Dorada forum
- Costa Brava forum
- UK forum
- Jobs in the UK
- Our policies:
- Privacy policy
- User agreement
- Content policy
- Website created and operated by JSM Forum Websites