CAPITAL GAINS TAX

Am I correct in assuming that you only pay

capital gains tax when you have made a profit

when you sell.

It might sound like a silly question but as everyone knows

who lives in spain they change the laws all the time.

We sold our property for less than 50% what we paid for it

5 years ago, so do not want to get a tax demand a few years from now.
 

YES you are  correct in assuming that you only pay

capital gains tax when you have made a profit.

Safe to assume that people like me who bought in 2008 just before the crash wont be liable for CGT for about 50 years then if we decide to sell on.

Dakey

Then a claim against the valuation made by the Tax Authorities is possible. They are not the last word on taxes. Courts are.

Capital gains tax when selling is obviously when you make a gain.

I advise people to check and claim on those complemantary liquidations made by Tax Authorities. We, individual people do not have to carry on with thge burden of many irregularities.

Hi

This is not really a reply but another question about capital gains tax.

My mother sold her house in Calpe about 16 months ago, and at the time had to pay almost 5,000 euros capital gains tax that her solicitor said she had to pay but then could claim it back. A long story about inheritance and not submitting tax returns whilst she lived there as a pensioner.......... Her solicitor stated that this was a formality and completed the refund paper work and submitted it at the same time as making the payment. My mother was told just to sit back and wait for the refund and this often takes up to six months to materialise.

As I said that was 16 months ago with no sign of the money, I have of course contacted my mother's solicitor to enquire but each time I have been told that there's no news and we simply have to wait. All this time my mother is still paying bank charges as she has been told that the refund will go directly into her bank account so it must be keep open.

I hope this makes sense and does anyone have any advice, can I chase matters up my self etc?  I don't necessarily distrust the word of my mother's solicitor but time is dragging on.

Best regards for Christmas and the New Year, Ian Simkins