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Sale of Spanish property by non-resident

Sale of Spanish property by non-resident

Old Sep 20th 2015, 7:12 pm
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Default Sale of Spanish property by non-resident

I understand that when a non resident sells a property, capital gains tax is due in Spain on the profit. Is the 7% or 8% 'stamp duty' paid when the property was purchased allowed as a deduction when calculating the gain? Are there any other deductions allowed ? Is there any form of indexation allowed. ? Many thanks for any info
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Old Sep 20th 2015, 10:42 pm
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Default Re: Sale of Spanish property by non-resident

Originally Posted by mikeglover
I understand that when a non resident sells a property, capital gains tax is due in Spain on the profit. Is the 7% or 8% 'stamp duty' paid when the property was purchased allowed as a deduction when calculating the gain? Are there any other deductions allowed ? Is there any form of indexation allowed. ? Many thanks for any info
Fred James will probably tell you for sure, but in your circumstances when we sold there were no allowances discussed. Three percent was witheld at the sale to cover any tax liablilties, which we had to claim back ....... we did it through a solicitor as it was easier as we weren't in Spain.

Well done for making a profit!!! Hasn't your abogado advised?
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Old Sep 20th 2015, 11:19 pm
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Default Re: Sale of Spanish property by non-resident

Originally Posted by mikeglover
I understand that when a non resident sells a property, capital gains tax is due in Spain on the profit. Is the 7% or 8% 'stamp duty' paid when the property was purchased allowed as a deduction when calculating the gain? Are there any other deductions allowed ? Is there any form of indexation allowed. ? Many thanks for any info
You can deduct the costs of buying and selling, ie transfer taxes, agents fees etc. There used to be an indexation allowance, but that was scrapped at the start of this year. Major alterations improvements and additions may be allowed but not anything that was just a replacement or maintenance item.
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Old Sep 21st 2015, 12:36 am
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Default Re: Sale of Spanish property by non-resident

Originally Posted by Fred James
You can deduct the costs of buying and selling, ie transfer taxes, agents fees etc. There used to be an indexation allowance, but that was scrapped at the start of this year. Major alterations improvements and additions may be allowed but not anything that was just a replacement or maintenance item.
We sold at about cost taking into consideration £/€ r/ex, but probably at a loss as regards actual € price, hence why it wasnt really an issue for us :-)
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Old Sep 21st 2015, 7:35 am
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Default Re: Sale of Spanish property by non-resident

It's a shame you can't claim against capital gains loss!

We bought ours in 2006 and paid with all taxes etc 268.000€ with what we have done since, we are easily into the 300.000€ bracket. Trouble is similar properties in this area are selling for less than 135.000€

That is some loss if we could claim it back!
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Old Oct 2nd 2015, 1:17 am
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Default Re: Sale of Spanish property by non-resident

Fred, i am looking to add a roof terrace to my house circa £10K could I offset that cost against any capital gain in the future? also can i offset the Air con/securityy grills that i had installed as new? many thanks Martin
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Old Oct 2nd 2015, 3:54 am
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Default Re: Sale of Spanish property by non-resident

Fred, where are you? sunbathing?
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Old Oct 2nd 2015, 5:30 am
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Default Re: Sale of Spanish property by non-resident

Originally Posted by wilsman77
Fred, where are you? sunbathing?
Strangely he has a life outside of this forum
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