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Purchase of Property

PostPosted:Sat May 04, 2019 5:17 pm
by bladesboy1
Hi All. We are thinking of purchasing a property around the Torrevieja area. I am not sure which way to go about it for tax reasons. Do I sell here then purchase or purchase then sell here. I have read different views. TIA. :?

Re: Purchase of Property

PostPosted:Sat May 04, 2019 6:11 pm
by strolling_minstrel
Whilst it would always be a good idea to keep a house in UK if you can (just in case things don't work out as house prices in UK tend to rise far more rapidly than here) if you are doing it for tax purposes then you should sell in UK first and preferably in the year before you take out residency in Spain.

Once you take out residency you would be liable for capital gains tax on your UK property once you do sell it.

Re: Purchase of Property

PostPosted:Sat May 04, 2019 6:22 pm
by bladesboy1
How much is the capital gains tax please. Can not keep the property in the UK . :?

Re: Purchase of Property

PostPosted:Sat May 04, 2019 6:41 pm
by Info
CGT tax rate is 19% in Spain. Here is a topic from not so long ago which should answer a lot of your questions.
http://www.torrevieja.co.uk/viewtopic.p ... g+to+spain

Bee