Capital Gains Tax

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This topic contains 3 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 11 years ago.

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  • #51401
    Profile photo of Anonymous
    Anonymous
    Participant

    The VIVA newsletter of 30th August reported as follows:-

    “The European Commission has formally asked Spain to amend its tax rules for non-residents’ capital gains taxes, which it says indirectly discriminate on the grounds of nationality.

    Non-residents are currently yaxed at a flat rate of 35% on gains from the sale of property, whereas residents pay much less (15%). The Commission has given Spain two months to amend its laws and redress the balance.”

    Anyone got any news on any developments since?

  • #60127
    Profile photo of Anonymous
    Anonymous
    Participant

    does mark no of anything on this ❓

  • #60136
    Profile photo of Anonymous
    Anonymous
    Participant

    “The Commission has given Spain two months to amend its laws and redress the balance.”

    😀 How long has the land grab cobblers been going on now?

    This news is more than 2 months old already. It will happen, but don’t hold your breath.

  • #60146
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi there

    this is a request to Spain from the EU – it is not a demand and it is likely that Spain will completely ignore the request (they have done so, so far)

    As Bert mentions it has taken about 4 years for LRAU to even be highlighted let alone anything done about it. The first delegation came to Spain last year after a request in 2002 – they are debating the report in the EU petitions committee next week before submitting it to Valencia before New Year so they can incorporate changes.

    Bear in mind that the EU issued a directive with threat of sanctions to Spain in June if the Valencian government did not change LRAU land grab law by September this year. It still has not been changed and neither have any developments been stopped until such changes take place (as requested by the EU – note how little notice the government takes of EU requests)

    So I wouldnt hold your breath – it is merely a request – if enough people moan about it then it may be noticed by the EU and something done about it by the year 2020 – but thats probably just wishful thinking. Assume that as a non resident you will have to pay 35% CGT

    Regards

    Vince

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