Buying house in Spain before selling UK home?
Oct 7th 2004, 10:40 pm
#1
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Joined: Aug 2004
Posts: 28
Buying house in Spain before selling UK home?
Hi,
I wonder if anyone else has been through this and perhaps can advise me?
We own our home in the UK and plan to buy a home in Spain shortly before we sell the UK home, to go and live in the Spanish home permanently.
Could anyone please tell us if this situation would make us liable for Capital Gains Tax in either country when the UK home has been sold?
We've lived in the UK house for over 2 years and it's our only property - the only reason we want to buy a Spanish home before we sell up, is so that we'll have a home ready to move into when we get there. This would obviously save a lot of hassle, rather than having to faff about with rentals (not to mention moving twice) when there is no need, as as we are already familiar with our chosen area.
Has anyone else done this (must be quite common?) and if they have, I'd be v. grateful to hear their experiences.
Thanks
C-Cat
I wonder if anyone else has been through this and perhaps can advise me?
We own our home in the UK and plan to buy a home in Spain shortly before we sell the UK home, to go and live in the Spanish home permanently.
Could anyone please tell us if this situation would make us liable for Capital Gains Tax in either country when the UK home has been sold?
We've lived in the UK house for over 2 years and it's our only property - the only reason we want to buy a Spanish home before we sell up, is so that we'll have a home ready to move into when we get there. This would obviously save a lot of hassle, rather than having to faff about with rentals (not to mention moving twice) when there is no need, as as we are already familiar with our chosen area.
Has anyone else done this (must be quite common?) and if they have, I'd be v. grateful to hear their experiences.
Thanks
C-Cat
Oct 8th 2004, 5:05 am
#2
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Joined: Aug 2002
Posts: 7,613
Re: Buying house in Spain before selling UK home?
Originally Posted by C-Cat
Hi,
I wonder if anyone else has been through this and perhaps can advise me?
We own our home in the UK and plan to buy a home in Spain shortly before we sell the UK home, to go and live in the Spanish home permanently.
Could anyone please tell us if this situation would make us liable for Capital Gains Tax in either country when the UK home has been sold?
We've lived in the UK house for over 2 years and it's our only property - the only reason we want to buy a Spanish home before we sell up, is so that we'll have a home ready to move into when we get there. This would obviously save a lot of hassle, rather than having to faff about with rentals (not to mention moving twice) when there is no need, as as we are already familiar with our chosen area.
Has anyone else done this (must be quite common?) and if they have, I'd be v. grateful to hear their experiences.
Thanks
C-Cat
I wonder if anyone else has been through this and perhaps can advise me?
We own our home in the UK and plan to buy a home in Spain shortly before we sell the UK home, to go and live in the Spanish home permanently.
Could anyone please tell us if this situation would make us liable for Capital Gains Tax in either country when the UK home has been sold?
We've lived in the UK house for over 2 years and it's our only property - the only reason we want to buy a Spanish home before we sell up, is so that we'll have a home ready to move into when we get there. This would obviously save a lot of hassle, rather than having to faff about with rentals (not to mention moving twice) when there is no need, as as we are already familiar with our chosen area.
Has anyone else done this (must be quite common?) and if they have, I'd be v. grateful to hear their experiences.
Thanks
C-Cat
Oct 8th 2004, 5:50 pm
#3
Just Joined
Joined: Oct 2004
Posts: 4
Re: Buying house in Spain before selling UK home?
Hi,
I am not too sure if you might be interested, but...........
We have been living out here in Spain for over 18mths now and absolutely love it, we are near a town called Pilar.
The people are all great and the sun shines pretty much every day!!
Unfortunately due to a change in circumstances we can no longer stay here and have to move on.
So, we are trying to sell our 2 bed detached bungalow for approx EUR 180,000 in the Campoverde region (20mins from Murcia, 1hr South from Alicante).
It is approx 10mins to the beach and has a communal pool.
If you are interested pls let us know and we can send all of the details about the place.
I am not too sure if you might be interested, but...........
We have been living out here in Spain for over 18mths now and absolutely love it, we are near a town called Pilar.
The people are all great and the sun shines pretty much every day!!
Unfortunately due to a change in circumstances we can no longer stay here and have to move on.
So, we are trying to sell our 2 bed detached bungalow for approx EUR 180,000 in the Campoverde region (20mins from Murcia, 1hr South from Alicante).
It is approx 10mins to the beach and has a communal pool.
If you are interested pls let us know and we can send all of the details about the place.
Oct 10th 2004, 10:16 pm
#4
Just Joined
Thread Starter
Joined: Aug 2004
Posts: 28
Re: Buying house in Spain before selling UK home?
Originally Posted by Don
If you sell your principal private residence in the UK whilst still a UK resident you are not liable for CGT in UK or Spain. Irrelevant whether you have bought a house in Spain provided you are not tax resident in Spain when you sell your UK house.
Stephen & Kara,
Thanks - I know Pilar but we already have an area earmarked. Good luck with selling your place.
C-Cat
