'New' tax on income from property.

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08 Jan 2021 18:03 by tteedd Star rating in Hertfordshire & Punt.... 963 posts Send private message

Hi

A golfing friend told me that holiday home owners were going to get 'stuffed because of Brexit' by a new tax.

Turns out there is something in the Express, but of course you have to log in to find out.

The only thing I could find elsewhere was:

https://londonlovesproperty.com/brexit-tax-hammer-blow-for-spanish-holiday-home-owners/

Cheers

Tteedd





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09 Jan 2021 16:40 by Kavanagh Star rating in Oil Drum Lane Newcas.... 967 posts Send private message

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Hello Tteedd

Do you have a link to a Spanish Government website that states this?



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09 Jan 2021 17:58 by tteedd Star rating in Hertfordshire & Punt.... 963 posts Send private message

No Kav

Only the link to London Property I gave.

Don't rent my place out so not really interested for myself but something in the back of my mind tells me it is old news being dressed up for Brexit anyway.

 





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09 Jan 2021 18:34 by Jimbofinn Star rating in Chiclana De La Front.... 203 posts Send private message

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I'v copied and pasted part of the story from the express.  Note the "expert" states "could"

And this could be the case according to a leading tax advisory firm.

Partner at leading tax advisory firm Blick Rothenberg, Robert Pullen explained that from January 1, UK owners with property in Spain could suffer bigger tax rate on income.

He said: “From January 1, 2021, UK-based owners of Spanish real estate will suffer a 24 percent tax rate on income, after the previous 19 percent tax rate expired when the transition period ended on December 31.

“This is a swingeing increase of over a quarter.”



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09 Jan 2021 19:14 by Kavanagh Star rating in Oil Drum Lane Newcas.... 967 posts Send private message

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Robert Pullen could be correct with all his ‘’could’’. It would be interesting to know if the tax rate of 24% started on 1st January 2021 why the Spanish Government is keeping it a secret.

Perhaps some of the UK non residents only pay annual UK non resident tax making 24% of nothing = nothing.

 


This message was last edited by Kavanagh on 10/01/2021.

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12 Jan 2021 16:42 by Roberto Star rating in Torremolinos. 4509 posts Send private message

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Nothing new here. What's the "story"? There is no "secret". Income tax (including imputed income on property that is not rented out) for EU citizens in Spain is 19%, for non-EU citizens it's 24%. Obviously, every British non-resident Spanish property owner who voted for Brexit knew this in 2016, because they "knew what they voted for".



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14 Jan 2021 12:48 by pengwynne Star rating in Warwickshire and Ten.... 30 posts Send private message

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Just an informative message to "TTEEDD". You state that this increase is no interest to you. I am afraid it is if you are a non resident property owner. Whether or not you actually rent out your property you still have to pay  the "Non-Resident Tax (Modelo 210). If you haven't been paying this tax on your property, you will be fined for the previous 4 years missed payments plus a massive bulk sum.

 



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14 Jan 2021 13:36 by Roberto Star rating in Torremolinos. 4509 posts Send private message

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As I said, "Income tax (including imputed income on property that is not rented out)".

For most people, the extra 5% probably won't amount to much in real terms, and for those who voted to become third country citizens, it will be a small price to pay for the precious "sovrinty" they feel they've won anyway.



_______________________

 

"Politicians and diapers must be changed often, and for the same reason"

Mark Twain

 

 

 




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14 Jan 2021 17:15 by tteedd Star rating in Hertfordshire & Punt.... 963 posts Send private message

Mmmm P W. Don't think that a few Euros amounts to 'Getting stuffed' or a 'hammer blow'. As I said, not really interested.

It's the Electricity and Water companies that are stuffing me.

However I suppose someone looking for the income to pay a mortgage, who has just lost a years income may think a little differently about 5% more tax, plus not being able to claim allowances, on a summers rental gross.

 


This message was last edited by tteedd on 14/01/2021.



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