CAPITAL GAINS TAX ON SALE OF UK FAMILY HOME

Advice needed please.

I am tax resident in Spain since 2019, and last year I sold my old family home in UK (in the face of rising interest rates).

I had to pay Capital Gains Tax (CGT) in UK and my accountant did the sums and I paid up, with due allowance given for the time it was my main home.

Now I face having to pay CGT on the same sale here in Spain.

Now, I know I get a deduction for the amount I paid the UK taxman, but how do the Spanish authorities calculate what I owe here.

Is there any allowance for the time it was my main home in UK - is the Capital Gain only that part that accrued since I became tax resident here, ie the last five year's worth.

It's a complicated one, and I think only those who have actually done it can give me the answers I need.

So, if that is you, I would love to hear from you.

Thanks in advance,

Ed

Did you get the final tax bill due in Spain on the sale of your foreign asset? Unfortunately for you the 2 exemptions you would have been entitled to have lapsed due to the time you have been resident in Spain before disposal.

I can see the tax rates and bands used to calculate the tax due on the profit from the sale for Spanish Tax purposes. But what I can't see stated anywhere is if there is a further Spanish tax exemption allowance besides the deduction for the tax paid in the UK.

Bee