Over 65 and exemption from capital Gains?

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07 May 2011 00:00 by fuentearriba Star rating in Lubrin, almeria. 12 posts Send private message

We are (hoping) to sell our Spanish home in the not tooooooooo distant future!!!!

If there is truth in the exemptions for the over 65's then we can factor in a price reduction to help with the sale!!

Would appreciate any info on the subject.

 



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07 May 2011 12:56 by jek Star rating. 249 posts Send private message

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My understanding is that you can claim exemption on your half of the capital gain and your spouse/partner on her half if either/both of you are over 65 and have been tax resident in Spain for at least the last three years and can produce the tax returns to the Hacienda to prove it.





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07 May 2011 15:14 by fuentearriba Star rating in Lubrin, almeria. 12 posts Send private message

Concise and clear answer.

Can one be tax resident in Spain but non resident in time?



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07 May 2011 18:37 by Karensun Star rating in Orihuela Costa. 1474 posts Send private message

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You are tax resident in Spain ONLY if you have paid your tax in Spain and NOT in the UK.

I would think if you are a non resident you would not pay tax here.



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07 May 2011 23:31 by jek Star rating. 249 posts Send private message

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Concise and clear answer - NO!!

If you are physically standing on Spanish soil for 183 days in the tax year (calendar year in Spain), you are tax resident.  Simples.  You are then liable to pay tax in Spain on your worldwide income.





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07 May 2011 23:36 by Karensun Star rating in Orihuela Costa. 1474 posts Send private message

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jek.............................you are correct. However being LIABLE to pay tax in Spain DOES NOT mean that you do pay tax in Spain.

You cannot just say you pay tax in Spain, you must prove the fact.



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08 May 2011 10:03 by jek Star rating. 249 posts Send private message

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Quite right; which is why I said in my earlier post "you are over 65 and have been tax resident in Spain for at least the last three years and can produce the tax returns to the Hacienda to prove it."



 





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10 May 2011 15:25 by mariadecastro Star rating in Algeciras (Cadiz). 9298 posts Send private message

Legal Questions? Speak to Maria Direct

 Fuentearriba:

Answers:

Legal tip 359. No taxes on the sale of habitual dwelling for residents 
06 October 2010 @ 10:53 
 

There is no tax on the capital gains when selling  your first home, provided the seller is over 65 years old or are in a situation of dependence. The house must have been the first home of the seller during the two precedent years to transmission.

You NEED TO BE A SPANISH RESIDENT for this benefit as houses of non residents are never considered " first homes"

Ronda Plaza by Elarequi61 at Flickr.com




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