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Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
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Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
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This is the issue with Spain. One has to torture anything out of them ( a bit like tooth extraction ) It is always peanuts, to little to late or irrelevent/insignificant in the over all scheme of things.
An average plus valia savings will be probebly less than perhps a BA price of a high season ticket.
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This is the issue with Spain. One has to torture anything out of them ( a bit like tooth extraction ) It is always peanuts, to little to late or irrelevent/insignificant in the over all scheme of things.
An average plus valia savings will be probebly less than perhps a BA price of a high season ticket.
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@Ptr wrote:
Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
Nope. What they need to do is INCREASE INHERITANCE TAX and INTRODUCE LAND TAX and GET RID OF INCOME TAX COMPLETELY. Not that I like taxes, but since they are here to stay it would be better to tax unproductive wealth tied up in property rather than tax productive work.
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@Ptr wrote:
Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
Nope. What they need to do is INCREASE INHERITANCE TAX and INTRODUCE LAND TAX and GET RID OF INCOME TAX COMPLETELY. Not that I like taxes, but since they are here to stay it would be better to tax unproductive wealth tied up in property rather than tax productive work.
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@Chopera wrote:
@Ptr wrote:
Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
Nope. What they need to do is INCREASE INHERITANCE TAX and INTRODUCE LAND TAX and GET RID OF INCOME TAX COMPLETELY. Not that I like taxes, but since they are here to stay it would be better to tax unproductive wealth tied up in property rather than tax productive work.
Very good point.
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@Chopera wrote:
@Ptr wrote:
Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
Nope. What they need to do is INCREASE INHERITANCE TAX and INTRODUCE LAND TAX and GET RID OF INCOME TAX COMPLETELY. Not that I like taxes, but since they are here to stay it would be better to tax unproductive wealth tied up in property rather than tax productive work.
Very good point.
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@Fuengi wrote:
Although the measure is going to be boon to those who buy this year, for those that are currently undecided or waiting to see how thee market progresses, I don’t see this reduction enticing them.
If it’s only the plus valia I can’t see how it can be an incentive. Ours was only a few thousand and we had the property for over 10 yrs. 😕
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@Fuengi wrote:
Although the measure is going to be boon to those who buy this year, for those that are currently undecided or waiting to see how thee market progresses, I don’t see this reduction enticing them.
If it’s only the plus valia I can’t see how it can be an incentive. Ours was only a few thousand and we had the property for over 10 yrs. 😕
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@ Katy. 50% on CGT (incremento patrimoniales) according to Mark article. Not the plus valia paid to townhall on selling
Saw same a few days ago reported in el Mundo@ Shakeel
plus valia is a tax paid by the seller. Only time a buyer should pay it is when the vendor is not a fiscal resident. Then it should be withheld at completion. -
@ Katy. 50% on CGT (incremento patrimoniales) according to Mark article. Not the plus valia paid to townhall on selling
Saw same a few days ago reported in el Mundo@ Shakeel
plus valia is a tax paid by the seller. Only time a buyer should pay it is when the vendor is not a fiscal resident. Then it should be withheld at completion. -
@Fuengi:
I agree with you & also it is commercially logical as it is the seller who has made this gain. However Spain being Spain & to be fair one can place what ever clause one wants in the contract. -
@Fuengi:
I agree with you & also it is commercially logical as it is the seller who has made this gain. However Spain being Spain & to be fair one can place what ever clause one wants in the contract. -
Inheritance Tax starts at 7500 Euros.That is ridiculously low. You can mitigate it by leaving money to people you don’t particularly want to. However if you are a batchelor and want to leave it to a brother he gets crippled on a very small amount. No property under 50000 euro should attract any tax .After all this is money that has been earned and taxed already and in part inherited and tax paid.
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Inheritance Tax starts at 7500 Euros.That is ridiculously low. You can mitigate it by leaving money to people you don’t particularly want to. However if you are a batchelor and want to leave it to a brother he gets crippled on a very small amount. No property under 50000 euro should attract any tax .After all this is money that has been earned and taxed already and in part inherited and tax paid.
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@Ptr wrote:
Thank-you Mark but only applies to properties purchased this year and refers to the Plus Valia surely which is not very much anyway. What they need to do is ABOLISH INHERITANCE TAX.In Italy foreign buyers pay very little or nothing so that property can be passed on without these confiscatory taxes that often force beneficiaries to sell and on a depressed market therefore a retired person would find less inhibition in buying.
@katy wrote:
If it’s only the plus valia I can’t see how it can be an incentive. Ours was only a few thousand and we had the property for over 10 yrs. 😕
Just to clarify, this tax-break concerns the national Spanish capital gains tax as paid in the annual declaración de la renta / tax return, NOT the ‘plusvalía’ municipal tax, which is a different type of capital gains tax paid on the sale of property.
The Spanish press has reported this as a reduction in the plusvalía, which is misleading.
A typical blunder by the Spanish Government. They have introduced a tax break that mainly affects foreign buyers, but it’s been very badly communicated, so it won’t achieve its objective of stimulating sales. All it will do is reduce revenues. Great!
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@shakeel wrote:
Does, this means that the Spanish capital gains gains tax has now been reduced by 50% ( 2012/13 21%) i.e. now becomes 10.50% ??? for a period.
as i understand it. If you buy today, when you go to sell, should you make a profit on your second home, then you only pay 50% of the capital gains you would normally pay. There does not seem to be a limit in regards to when you sell.
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