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Capital Gains Tax on property sale

Capital Gains Tax on property sale

Old Aug 28th 2018, 6:00 pm
  #1  
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Default Capital Gains Tax on property sale

I am looking for some expert advice on Capital Gains Tax please. I am resident in the UK where I pay my taxes.

I purchased an apartment in Isla Canela (Andalucia) in 2002 for 130000 Euros with my wife. I have recently sold it for 135000 Euros. If there is any CGT due I believe at should be on 5000 Euros only. My abogado seems to be indicating it may be more than this. I am due to speak to her next week but wanted to do some research beforehand.

I don’t believe it will affect the CGT due but my wife died in 2014. I had to attend the Notary to get the title deeds changed. The only change on the deeds is the removal of my wife’s name.

Steve
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Old Aug 28th 2018, 6:30 pm
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Default Re: Capital Gains Tax on property sale

The tax office assess their value of the property based on an inaccurate method which can result in a valuation very different from the actual transaction value. This works both ways, some are higher, some are lower.

It may be this that he is taking into account. It is possible to appeal the valuation this than can be time consuming and costly.
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Old Aug 29th 2018, 2:08 am
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Default Re: Capital Gains Tax on property sale

Thanks Fred

This makes sense.I guess the honest people have to pay for the tax avoiders.

Steve
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