09 Dec 2006 12:00 AM:

I was considering purchasing off plan. At the start of my investigations into this I was told 2 things by the agent:
1. CGT in spain is reducing to 19% in January2007 and if you are a UK citizen you will only have to pay the 19% and not the 40% which I woul dhave to pay if the property was in the UK.
2. If you sell your property but buy another with the proceeds then you do not pay CGT.

I have since been advised that both of the above are incorrect.  Firstly a UK citizen is liable to UK CGT bo matter where the property is situated and therefore if you are a 40% tax payer then you will be liable for 40% CGT - although , I understand,that you may be allowed a tax credit for the CGT paid in Spain.
Secondly I was advised that the CGT is payable on the gain even though you are 'rolling' the profit into another property.

This makes a significant difference to any profit!!

You can see more about this at www.taxationweb.co.uk



Forum thread: CAPITAL GAINS TAX

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02 Dec 2006 10:07 AM:

I am still considering whether to purchase or not. One of my concerns is the level of rental that is currently being charged on La Torre. Also it appears that most of the rentals are to people who are out looking at the construction of theie own property.
I would also be concerned taht in 2/3 years time when you try to sell, there will be a lot of apartments for sale and you may not realise your investment growth.

Has anyone any thoughts on this

Community thread: it's not always doom & gloom

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27 Nov 2006 9:23 PM:

I am considering my options after my visit. Some things concern me and I would be interested in any ones thoughts:
1. The rental figures I see on letting web sites for Le Torre are around £250 per week.  This seems very low compared to what has been suggested to me.
2. Resale in 3/4 years - It has been suggested that there is a lot of golf property around and that it may be not that easy to realise your profit.
3. The TDLT 'penthouses in phase 5 are all NE NW facing which means you lose the sun late morning. This would seem to me to be a down side.




Community thread: it's not always doom & gloom

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27 Nov 2006 3:20 PM:

Just back from my inspection trip with MRI - I had seen some negative press on MRI but I must say that our rep , Richard Bedford, couldnt have been more helpful and pleasant. We visited La Torre and Mar Manor - very impressive .  We spent a lot of time at the Polaris World HO with their staff - again very helpful and no pressure.  Reservation fee is refundable with Polaris.  Very few sites on Phase 5 left although I dont know why the are called penthouses.  They do all face NE/NW so no sun on terrrace after late morning.

All in all a pleasant experience.

Community thread: it's not always doom & gloom

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07 Nov 2006 9:25 PM:

Did you purchase direct from PW or did y ou use an agent. How was your buying experience?

Did you have to go to Spain a number of times prior to completion?

I am interested in PW but am still a little sceptical



Community thread: it's not always doom & gloom

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