It’s complicated, but you will get some sort of tax relief. Depending upon when you bought the property and your age you may not have to pay any CGT at all. And if you are rolling over – that is using the proceeds to buy a principal home, even in the UK – there is some, or even total, tax relief. However you really have to consult a tax adviser with specialist knowledge of Spain / UK real estate tax issues to get it right. A good place to start would be to buy the Blevins Franks Guide to Living in Spain (http://www.blevinsfranks.com), which I find to be the clearest book on this subject.
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