5% Retention on Sale is being reduced

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This topic contains 7 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 2 months ago.

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  • #52309
    Profile photo of Anonymous
    Anonymous
    Participant

    I mentioned this in another thread yesterday, but just in case it doesn’t get seen, I’ll highlight it again. (My apologies if this is already common knowledge on the forum).

    Iwasn’t aware that in addition to the anticipated reduction in CGT for non-residents on 1st Jan ’07, the retention on sale is also being reduced from 5% to 3% on the same day.

    This was discussed at a seminar at one of those exhibitions with Amanda Lamb at the weekend. A Spanish banker representing Barclays based in the Costa Blanca was the source.

  • #66308
    Profile photo of Anonymous
    Anonymous
    Participant

    @Snowy wrote:

    Iwasn’t aware that in addition to the anticipated reduction in CGT for non-residents on 1st Jan ’07, the retention on sale is also being reduced from 5% to 3% on the same day. This was discussed at a seminar at one of those exhibitions with Amanda Lamb at the weekend. A Spanish banker representing Barclays based in the Costa Blanca was the source.

    Until the law actually changes this is pure hype! (‘:evil:’)

  • #66324
    Profile photo of Anonymous
    Anonymous
    Participant

    The information is correct and was already included in the link I posted to the taxes applicable to non-residents as from 1st January 2007.

  • #66335
    Profile photo of Anonymous
    Anonymous
    Participant

    @Drakan wrote:

    The information is correct and was already included in the link I posted to the taxes applicable to non-residents as from 1st January 2007.

    Draken I found your post which states ………..

    It is still an Anteproyecto de Ley, not a law passed yet……….

    Is this still the case??

  • #66393
    Profile photo of Anonymous
    Anonymous
    Participant

    Correct.

    It is not a law yet but I have no doubt that it will become law by the end of this year, this is not a governmental bluff.

  • #66420
    Profile photo of Anonymous
    Anonymous
    Participant

    @Drakan wrote:

    Correct.

    It is not a law yet but I have no doubt that it will become law by the end of this year, this is not a governmental bluff.

    What do you think bluff? no bluff? from the news today

    It would appear that the Socialist Government is intent on enacting a new Law of The Land in a forthcoming Cabinet meeting. Commenting on this, Esteban Gonzalez Pons the Conseller for the Territory stated that these new Socialist proposals ‘bring back the worst elements of the LRAU land laws and the role of the urbanizer’. He added that the new proposals do not sufficiently define the role of the urbanizer, and suggested that they instead be based on the Valencian Land Laws or LUV ‘ as these fully comply with EU directives’.

  • #66426
    Profile photo of Anonymous
    Anonymous
    Participant

    Actually LRAU and LUV DO NOT comply with EU regulations – which is why the EU are threatening sanctions to Madrid for non compliance. LRAU was changed to LUV because of the fact it DID NOT comply with EU law, and LUV offers the same protection to land owners with twice the amount of words (ie nothing). It is not only contrary to EU law it is also contrary to Human RIghts – which is why there is a current collective class action suit against the Spanish Authorities against LRAU.

    Worrying is not the word I would use – scary maybe as it leaves the whole of Spain open to the same abuses people are trying to rid themselves of with LRAU/LUV in the Valencia region

    Vince

  • #66427
    Profile photo of Anonymous
    Anonymous
    Participant

    One other point

    I cannot believe that the socialist government would recommend anything that the Valncian government does because they are sworn enemies and go out of their way to oppose what each other does.

    Even to the point the the socialist Minister for Valencia has raised a vote of no confidence against Francisco Camps – the Vaencian PP president – knowing full well that his own party do not fully support it and that it is 100% certain of failing. Therefore for a socialist minister to suggest they do anything that Valencia has dreamed up smacks of cynicism.

    You only have to read the Spanish Press (or maybe the Valencian Press) to understand the depth of feeling they have for each other. It borders on hatred.

    Vince

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