Capital gains question

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marios
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Capital gains question

Postby marios » Sun May 26, 2019 7:56 am

We have our house up for sale here in Spain, its our main residence and we have no other property, we intend to move back to the UK, what will our capital gains tax be on the profit we make when sold, we are 67 and 62 yrs old.

elusive
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Re: Capital gains question

Postby elusive » Sun May 26, 2019 8:17 am

Sure cid will confirm but if you have lived in it for the last three years as your full time house there is non. You are also over 65 which is another factory

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marios
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Re: Capital gains question

Postby marios » Sun May 26, 2019 9:19 am

Yes thanks elusive I knew that, what I am eluding to from what I have read is that if its your main residence in Spain and you buy again in UK and it will be your main residence there and you have no other property then as UK is still in the EEA then there is no capital gains tax to pay.

El Cid
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Re: Capital gains question

Postby El Cid » Sun May 26, 2019 9:49 am

That's correct, but you may need to move quick if a No Deal Brexit happens.

Also, as one of you is over 65, their gain is exempt, leaving only half the gain liable.

Sid

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marios
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Re: Capital gains question

Postby marios » Sun May 26, 2019 9:51 am

Cheers Sid.

Free at Last
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Re: Capital gains question

Postby Free at Last » Sun May 26, 2019 10:16 am

Do make sure you get a certificate of fiscal residence from AEAT before the sale is completed, to avoid having 3% of the sale price retained against CGT liability and having to claim it back. In my experience the certificate takes at least 2 weeks to arrive once applied for, so don't leave it until the last minute.

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marios
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Re: Capital gains question

Postby marios » Sun May 26, 2019 10:24 am

Is this different to your fiscal tax certificates.


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