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CAPITAL GAINS TAX ON SALE OF UK FAMILY HOME
CAPITAL GAINS TAX ON SALE OF UK FAMILY HOME
by EdOD » Thu Feb 22, 2024 2:16 pm
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
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
- EdOD
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Re: CAPITAL GAINS TAX ON SALE OF UK FAMILY HOME
by Bee » Tue Mar 26, 2024 11:58 am
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
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
- Bee
- Posts: 3349
- Joined: Sun Dec 10, 2017 1:07 am
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