Property Sale in Spain
– Expenses made and taxes paid during the purchase process (attorneys, real estate agent, notary and property registrar´s fees,
– When home improvements have been made during the course of ownership this can affect the tax payable
– There are possible further reductions to be obtained if the property has been bought up to 1996
– local taxes due on the gains from this property transactions (plusvalia) need to be determined so they can be deduced from the selling price from a taxation point of view.
Our solicitors can represent you in the entire process, so the Spanish taxation angle on selling your Spanish property is fully covered. From drafting up a pre-agreement going to completion all the way through to submitting the tax forms on your behalf so that the property gains tax will be pad timely and correctly, we can assist you in all or any of it.
We can also assist you in obtaining a tax refund in those cases where it’s due. This mostly happens when people sell their Spanish property that they acquired a very long time ago and the reductions that can be applied are very substantial. The buyer needs to hold back 3% of the transfer amount as a deposit towards capital gains tax due, and this amount can be higher than the eventual tax payable.