British Expats - tax when selling

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spain

Feb 4th 2007 9:11 pm

tax when selling

I know there is supposed to be a new law coming in, has it yet ?

does anyone know....

If selling up what % tax is due ? - will not be re-investing as going back to UK
can invoices for renovations/improvements etc be used to offset against the tax ?

EsuriJohn

Feb 4th 2007 9:31 pm

Re: tax when selling

Quote:

Originally Posted by spain (Post 4365493)

Hi spain;4365493,

The new system and rates of capital gains tax came into force on the 1st Jan 2007

Regards,

John.

spain

Feb 4th 2007 9:37 pm

Re: tax when selling

thanks John

Do you know where I can find out what exactly the rates etc are ?

Hillybilly

Feb 4th 2007 9:40 pm

Re: tax when selling

Quote:

Originally Posted by spain (Post 4365493)

If selling up what % tax is due ? - will not be re-investing as going back to UK can invoices for renovations/improvements etc be used to offset against the tax ?

For non-residents and residents alike the CGT payable is now 18% on the gain. The retention for non-residents is 3% in case you do a runner. I believe that the powers that be now check to see that all your non-resident taxes are up to date too.
You can offset improvements as long as you have valid invoices etc and they were done legally i.e. with the relevant licence if necessary.

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