Reply To: Hello! Looking to move to Spain but need help tying up finances in UK

Spanish Property Insight Forums Spanish Property Forums Property Questions & Answers Hello! Looking to move to Spain but need help tying up finances in UK Reply To: Hello! Looking to move to Spain but need help tying up finances in UK

#225166
Vendido
Participant

Hi Imogen

I am not a tax expert, and I would suggest you take proffessional advice both in U.K. and Spain.

For what it is worth, my layman’s opinion of your situation. I am assuming you are a U.K. citizen and the house you own in the U.K. is your main residence. If that is the case then you when you sell you will have no tax liability. Whilst U.K. remains in EU you would be able to transfer the funds to Spain (and should still be able to after Brexit, but that could still be a grey area).

If you are not a U.K. citizen and/or the house you own is not your main residence then you could be liable to capital gains tax on the profit you make on selling the house. The sale proceeeds would not count as income; but please take professional advice.

If and when you the day comes when you wasn’t to sell your Spanish house, that is a whole set of different rules.

Kevin

  • This reply was modified 3 years, 1 month ago by Vendido.