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As I have said before, this reduction will be effective as of 01/01/07. The law has been passed by Congress and then ratified by the Senate, and on the document issued by the Senate it also confirms that this will come into force 1 Jan. Just needs to come out in the BOE, which will happen any day now.
Mark
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Do remember, of course, that you will probably have to pay UK CGT as well if you are UK domiciled. You can offset any spanish tax against this.
Top rate of UK CGT tax is 40% so you may not be much better off.
However, as UK Capital gains tax free allowances are more generous, AND you are allowed more deductions AND taper relief applies AND you only pay the tax at your highest marginal rate (10%, 22% or 40%) you will “probably” be better off.
Do not consider not declaring the sale to the UK IR. For an amount the size of an average house it will be considered fraud and you will be lucky to escape with fines and interest charges, alone. Remember Ken Dodd being banged up for lesser amounts owing.
UK IR consider foreign owners to be financially and tax literate and will prosecute without hesitation.
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@ashtondav wrote:
Remember Ken Dodd being banged up for lesser amounts owing.
I do not personally think that anybody who posts a comment like that, which is factually incorrect as far as I know, would have any other piece of advice taken seriously.
The man from Knotty Ash surely deserves an apology from the Ashtondave -
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