2 selling prices on the Escritura

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2 selling prices on the Escritura

Postby dawn » Thu Mar 01, 2018 10:32 am

We are selling our house and have seen a copy of the Compraventa before signing.

The agreed selling price is noted, but there is also a higher price "A efectos fiscales, hacen constar los señores otorgantes, que el valor fiscal de la vivienda que por la presente se transmite es de €.......y que por lo tanto, por dicho valor liquidarán el correspondiente impuesto de transmisiones"

We have queried this price with our Gestor, who tells us not to worry about this, is the fiscal value of the house, this only affects the buyers for the payment of their taxes.

I somehow have a feeling that the Tax office may somehow come back to us and say that we agreed this was the current value of the house at today's rate and want a higher rate of CGT.

Could someone please confirm either way? Many thanks

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Re: 2 selling prices on the Escritura

Postby Miro » Thu Mar 01, 2018 12:47 pm

They won't want a higher rate (percentage), but the CGT will be calculated on the difference between the fiscal value on the sale, and the price you paid when you bought - which will clearly be greater than the actual gain (if any) you've made. So yes, it will affect the buyer as they will pay more transmission tax, but it will also affect you. Your gestor isn't worried because it's not him paying the tax! But I doubt if you have a choice anyway - if you don't declare the "official" fiscal value now, the tax office will simply come after you at a later date to claim the extra tax. Having said that, whilst there are plenty of reported cases of that happening (admittedly mainly to the buyers rather than the sellers), I've not heard of such a clause being written into the compraventa before. Interesting development!
Note that if you are non-resident in Spain, 3% of the (fiscal) value of the sale will be retained by the buyer, to pay to the tax office on your behalf, in lieu of CGT.
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