I am a none resident and have owned a holiday home in spain for 12 years. I hope to be selling it soon and although selling at a loss, because of the common practace back in the day to pay part of the purchase price in cash,I suspect the subject of capital gains tax may raise its ugly head!
I understand that the seller withholds 3% of the purchase price which they pass to the tax man. It is my intention to transfer the balance of the purchase funds to the uk and wonder what if anything I am expected to do regarding any remaining CGT. Is it a self declaration or is it calculated by the authorities and communicated to me.
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