Change in Spanish Capital Gains Tax announced
Change in Spanish Capital Gains Tax announced
From the new year, UK citizens living or working temporarily in Spain will save thousands of pounds thanks to a cut in Spanish capital gains tax.Banco Halifax Hispania reports that the tax on property sales and personal income for non-residents will go down significantly from 35 per cent to 18 per cent, following actions by the European courts after complaints were made over the fact that Spanish residents pay 18 per cent while non-residents paid 35 per cent.
This is good news for Britons investing in a Spanish holiday home. Recent research by Mintel found that some 800,000 UK residents now own a second home abroad, with Spain being the most popular destination.
"This is fantastic news for Britons living or working temporarily in Spain," said Ian Smith, head of European operations at Halifax.
Changes take effect from January 1st 2007.
15 December 2006
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