Capital Gains Tax

[rudders]

Hi, Do you pay the 18% capital Gains tax when you sell a property regardless of whether it is the only property you own, or just if its your second property you own (I already own a property in the UK). What happens to the 40% uk capital gains tax, is this irrelevant if you have paid the spanish 18%?

[Stravinsky]

Its payable on the profit on the property you own in Spain, yes, unless you're over retirement age

[STalbot101]

Hi Rudders, if you put your Spanish property in a UK limited company, and put expenses through the company, then you only have to pay 9% capital gains tax in the UK.

[Stravinsky]

Originally Posted by STalbot101

Hi Rudders, if you put your Spanish property in a UK limited company, and put expenses through the company, then you only have to pay 9% capital gains tax in the UK.

I'm not doubting you ...... but I'm just wondering why the combined efforts of an International tax company, a UK accountant, and my Spanish Gestor have never percieved this as a way to circumvent IHT?

[STalbot101]

Originally Posted by Stravinsky

I'm not doubting you ...... but I'm just wondering why the combined efforts of an International tax company, a UK accountant, and my Spanish Gestor have never percieved this as a way to circumvent IHT?

because UK and Spanish professioanls cannot advise outside of their national jurisdiction, this is a brand new concept that is not that well known. Plus, they want to advise you because otherwise there would be nothing in it for them !

[Stravinsky]

Originally Posted by STalbot101

because UK and Spanish professioanls cannot advise outside of their national jurisdiction, this is a brand new concept that is not that well known. Plus, they want to advise you because otherwise there would be nothing in it for them !

Yes, but I included International tax consultants .... they have people who specialise presumably in both countries.