Transfer of property in divorce settlements

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04 May 2010 00:00 by Cremacatalan Star rating. 3 posts Send private message

Hi

I am in the process of going through a divorce from my wife using UK law. We have a finca in Catalunya in joint names which is going to be transferred into my name(or another  of my family members). Does anyone know what transfer taxes will be payable on this please?

Regards

James

 





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04 May 2010 21:09 by Faro Star rating in London. 1139 posts Send private message

If you do it as an escritura de extinción de condominio or in English deed of dissolution then the tax payable is only 1% but the property must be transferred to your name. It's used to deal with a re-distribution of jointly owned assets otherwise normal 7% tax applies.





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05 May 2010 23:12 by mariadecastro Star rating in Algeciras (Cadiz). 9170 posts Send private message

Legal Questions? Speak to Maria Direct

 Just 1% as stamp duty



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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10 May 2010 22:26 by Cremacatalan Star rating. 3 posts Send private message

 Hi

Thanks for the responses so far.

My next question is would that tax be on the value of the half of the land being transferred or the total value?

Regards

Cremacatalan





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11 May 2010 11:41 by mariadecastro Star rating in Algeciras (Cadiz). 9170 posts Send private message

Legal Questions? Speak to Maria Direct

On the value of the half

M



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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19 May 2010 20:25 by contratacion Star rating. 2 posts Send private message

 

Dear Cremacatalan,

   Regarding your recent querie about which is the amount taxable for "extincion de condominio", I´m agreed that the standadr tax would be 1% ( Catalonia has escale anyway that set up to 30.000 euros (0'50%), 30.001 euros to 60.000 euros (0'75%) more than 60.000 euros (1%) but as far as I know you must pay for the 100% of the value of the plot no just for the 50% adquired.

Regards

   





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21 May 2010 08:44 by Faro Star rating in London. 1139 posts Send private message

It is also my understanding that the tax is payable on total value.





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29 Jun 2010 13:10 by alanjohn Star rating. 1 posts Send private message

Hi

After an amicable divorce, in which we agreed that I would keep our Manilva property, we hired Lawbird in Marbella to arrange the transfer. We had to pay 1% on the value of the property, as instructed by our solicitor.

I am a bit worried now, reading Maria's comments, that maybe we were taken for a ride?

Maria, please advise.

Thank you.





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29 Jun 2010 13:29 by Faro Star rating in London. 1139 posts Send private message

I believe Maria to be wrong here as my understanding is it's also 1% on the total value and not just the 50% being re-distributed.

Someone needs to check the tax legislation and clarify but I have since asked a couple of people and they agree with me.





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29 Jun 2010 17:57 by mariadecastro Star rating in Algeciras (Cadiz). 9170 posts Send private message

Legal Questions? Speak to Maria Direct

 I need to add clarification on this as it really depends on regions and marital regime of spouses being divorced.

Please send to me the facts.

Maria

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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