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Sunday, April 20, 2008
conrad
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Not sure if it includes non resident
http://www.elcorreodigital.com/vizcaya/20080418/mas-actualidad/economia/gobierno-elimina-impuesto-patrimonio-200804181319.html
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20 Apr 2008 7:25 PM
Roberto
Villa
I'm in Torremolinos
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Saw a similar thread on another forum - not much info available yet, but since Spain has had her knuckles rapped previously by Brussels for not treating residents and non-residents equally with regards to tax, I would probably think, yes.
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20 Apr 2008 7:45 PM
mariadecastro
Finca
I'm in Algeciras (Cadiz)
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It does include non residents, of course.
Maria
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20 Apr 2008 7:57 PM
scampi
Studio
I'm in London & Alfaix nr. Los Gallardos, Almeria
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Can anyone explain what this Wealth tax abolition means?
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20 Apr 2008 8:21 PM
mariadecastro
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I'm in Algeciras (Cadiz)
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Since January 1, 2008, your patrimony ( goods and rights less debts and loans) of a certain value, will have no direct taxes on it. I am asking the taxes people in the Law firm to write an article on this change FYI.
Maria
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20 Apr 2008 9:48 PM
scampi
Studio
I'm in London & Alfaix nr. Los Gallardos, Almeria
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Muchos gracias!
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21 Apr 2008 1:36 PM
morerosado
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I'm in Somerset, UK / Guardamar Del Segura on the Costa Blanca (Completed April 2005)
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INTERNATIONAL TAX FORUM FOR PRIVATE CLIENTS explains more.
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21 Apr 2008 1:48 PM
scampi
Studio
I'm in London & Alfaix nr. Los Gallardos, Almeria
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Cheers - does this have anything to do with the anual property tax I have heard about.
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21 Apr 2008 5:59 PM
morerosado
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I'm in Somerset, UK / Guardamar Del Segura on the Costa Blanca (Completed April 2005)
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Hi Scampi
The annual property tax ?
Are you thinking of the IBI tax like the UK council tax here ?
Wealth Tax is a different tax to the IBI tax.
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21 Apr 2008 6:07 PM
tinto.
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Is this the 1/2% annual tax?
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21 Apr 2008 6:29 PM
morerosado
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I'm in Somerset, UK / Guardamar Del Segura on the Costa Blanca (Completed April 2005)
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Tinto, I wonder if this may be what you want, is it ? I'm confused as to what you're asking.
http://www.propertiescostablanca.org/images/mod214e.pdf
EXAMPLE using 100,000€ as your escritura value:
Liquidación. Impuesto sobre el Patrimonio.
Valor - 01 = 100,000 (Escritura Value)
Duedas - 02 = 0.00 (This figure would be any outstanding mortgage or debts on the property, which would reduce your tax burden)
Base imponible y liquidable - 03 = Figure 01 minus 02, with no debts this would be 100,000
Resto - al % = 0,20 (This is the tax rate of 0.2%) Then 200.00 in next box on right, also 200.00 underneath for Suma – figure reached by 100,000 x 0.2%
Cuota Integra. Impuesto Patrimonio - 04 = 200.00 (This is 200 Euros wealth tax on the value of your property)
This message was last edited by morerosado on 4/21/2008.
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21 Apr 2008 9:48 PM
morerosado
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Hi Maria
Lifeline was asking me about this on a link I gave in another thread, Advice needed re: First Occupation License
Could you advise, please ? Is IHT abolished 100% in the area I have bought, Guardamar, Costa Blanca as that is Comunidad Valenciana, isn't it ? I saw we appear to be in the region mentioned, see VALENCIAN COMMUNITY
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From INTERNATIONAL TAX FORUM FOR PRIVATE CLIENTS
Posted on February 19, 2008 by Fernando Del Canto
This morning I was reviewing the current status of Inheritance Tax in Spain, in light of the recent news regarding the abolition of the Wealth Tax after the general elections.The Wealth Tax is administered by the regional entities, Comunidades Autonomas, but legislated nationally by the national government.
This is also the case with the Inheritance Tax. What we have seen however is that the move on this tax has started by the regions by improving the position or even technically abolishing the tax itself. In this case, they did not wait for the central government to act.
Ten regions have already abolished this tax in the context of family inheritance. The regions are Madrid, La Rioja, Murcia, Castilla y León, Comunidad Valenciana, Baleares y Cantabria, in a first move and Canarias, Aragón y Castilla La Mancha in a second move. Andalucia is considering this move too, and again, that will depend on the regional elections this year.
We welcome the move toward abolition of the Inheritance Tax and the Wealth Tax in a system overload with income, indirect duties and VAT.
This message was last edited by morerosado on 4/21/2008.
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Hey, I blog on EOS now. Go read it !
Our experiences of buying in Spain
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22 Apr 2008 7:33 AM
mariadecastro
Finca
I'm in Algeciras (Cadiz)
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In Valencia, since 1st of January 2007 there is a reduction of 99,99% on the tax quota of the IHT ( in acquisitions by death) for descendants of any age, ascendants and spouses and of 99 % in donations in life to children ( also adopted) of any age, and to parents or adopters.
Hope it clarifies,
Maria
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Director www.costaluzlawyers.es
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22 Apr 2008 10:38 AM
harley
Apartamento
I'm in West Midlands/ Costa Blanca San Miguel may be in a few years time
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Yes Maria,
Thats how we see it.
A friend passed away last year in Spain, they lived there for 2 years on the Costa Blanca.
On the death his partner paid 1% of the value of the house, less the share that belonged to the bank. All in all it ended up around £400.
She was told it was a gift from the Velencian goverment not law.
M
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22 Apr 2008 11:43 AM
morerosado
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I'm in Somerset, UK / Guardamar Del Segura on the Costa Blanca (Completed April 2005)
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Thanks Maria.
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Our experiences of buying in Spain
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23 Apr 2008 1:48 PM
aml400
Parcela
I'm in Manchester - Barcelona
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mariadecastro
Could you let me know where your info on the abolition of Spanish Wealth Tax is documented? I do believe you, but would like to read up on it!
Thank you
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23 Apr 2008 1:50 PM
morerosado
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Did you read this earlier, aml400
INTERNATIONAL TAX FORUM FOR PRIVATE CLIENTS
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Hello-o-o I'm a
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Our experiences of buying in Spain
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23 Apr 2008 2:10 PM
pixies3g
Parcela
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Will the abolition of wealth tax affect property sales? For example, if the declared value of a property is 100.000 euros (the rest having been paid for with "black money") and it's sold for 300.000 (no black money) - would the seller be liable to tax on the apparent 200.000 euro profit? Thanks.
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23 Apr 2008 2:14 PM
morerosado
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I'm in Somerset, UK / Guardamar Del Segura on the Costa Blanca (Completed April 2005)
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Hi pixies3g & welcome. I was always under the assumption it would be subject to CGT on the 200,000€ .
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23 Apr 2008 2:45 PM
mariadecastro
Finca
I'm in Algeciras (Cadiz)
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AMl400:
Here the source of information:
http://www.expansion.com/edicion/exp/economia_y_politica/economia/es/desarrollo/1113955.html
Expansion is the financial leader paper in Spain.
It is an agreement of the Council of Ministers which will be in force with urgent character and retroactively from January 2008.
This message was last edited by mariadecastro on 4/23/2008.
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Lawyer
Director www.costaluzlawyers.es
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