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Spanish CGT on UK property disposal

Spanish CGT on UK property disposal

Old Oct 4th 2019, 9:21 am
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Default Spanish CGT on UK property disposal

Hi,
We would like to move to Spain next September, so that our daughter can start school there.
We own 2 UK properties - the house we live in and a London flat. We would like to sell the London flat, using the money to develop our UK before selling that at some future point.
I understand that, if we complete the flat sale after Dec 31, it will be liable to Spanish CGT, I think at 23%. However, in the last 2 years I have a capital lose from shares that is roughly the same as the gain on the flat.
Is it possible to offset the gain on the flat against the loss on the shares?
Many thanks!
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Old Oct 4th 2019, 10:45 am
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Default Re: Spanish CGT on UK property disposal

I think you should get tax advice from a specialist here in Spain. It is difficult as you pay tax on the whole year from January to December the year before so next years return will be for this years earnings. There may be a way to offset the tax liability but it depends who owns what and what is your main residence. Good luck. I should get advice before you do anything..
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Old Oct 4th 2019, 2:41 pm
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Default Re: Spanish CGT on UK property disposal

I think this question has come up before and the tax experts advise all depends on your timing of leaving UK and entering Spanish tax regime but with Brexit looming who the hell knows what rules will be in play. I agree with last poster take professional advice from a professional tax expert.
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Old Oct 4th 2019, 6:03 pm
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Originally Posted by spainrico
I think this question has come up before and the tax experts advise all depends on your timing of leaving UK and entering Spanish tax regime but with Brexit looming who the hell knows what rules will be in play. I agree with last poster take professional advice from a professional tax expert.
I totally agree.When we left the uk we sold our only home and bought in Spain a few months later no CGT as said before get advice from a professional Spanish tax expert hope this helps.Good fortune and best wishes. oh yeah brexit who know.s i would wait and see first too much too loose i think
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