CGT double payment in Spain and UK

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09 Mar 2012 00:00 by corserpaul Star rating. 4 posts Send private message

Can anyone clarify the treatment of Capital gains on the sale of a non-residents property in Spain. I have just sold my property and am prepared to pay the Plusvalia tax as well CGT at 21% of the gain to the Spanish local and national tax authorities. God knows they need it ! A friend of mine paid his plusvalia but then returned to the UK without paying his CGT ! Risky ?

However, how will the UK inland rev treat the proceeds of this sale, given the reciprocity which is supposed to exist ? Am I liable to pay  any tax in the UK ?





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09 Mar 2012 16:44 by EOS Team Star rating in In Spain of course!. 4353 posts Send private message

EOS Team´s avatar

I think not paying it is very risky, like your friend has done.  You can never run away from the tax authorities.  They will eventually catch up with you.

My understanding has always been that once you pay your CGT in Spain then you won't be taxed anything further when returning the proceeds of the sale to the UK.  If you've paid it in one European country then you don't need to pay it again in another.

That's my understanding of the matter!

Justin



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