14 Aug 2007 4:02 PM:

Before people get too excited by the reduction in the Spanish Capital Gains tax rate, please note that if you are a UK resident when you sell your Spanish property not only will you be subject to the Spanish capital gains tax but also UK capital gains tax. Because of the double taxation treaty between the 2 countries, the UK Inland Revenue will charge you the difference between our 40% rate and the Spanish 18%. Please ensure that you take independent tax advice relevant to your situation to ensure that you pay the correct tax to the correct authorities.

Community thread: Anyone in Torrevieja?

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