Your Place Abroad Agents Website
Main Menu
Agent Menu
Latest News & Events
26/06/2008
22/05/2008
28/02/2008
19/02/2008
10% Discount, Apollo Court II
Charity Golf Day 2008
Fractional Ownership
NovoGolf Guaranteed Rental
Upcoming
Agent Training Day at YPA head office. Start 10:30, finish approx 2:30, lunch provided.
Contact us now for details of the next session.
Taxation
The VAT and stamp duty implication of your property purchase are dealt with by your lawyer and are part of the 10% approximate cost of buying property in Spain.
We can provide broad guidelines on the CGT and IHT implications of foreign property ownership but for more in-dept analysis we would put clients in contact with a tax expert for the country concerned.
Regarding the on-going tax implications of owning property abroad (eg income tax/property tax, wealth tax, rubbish tax etc. in Spain), you will need to appoint a local fiscal representative. Again we can help source this advice if desired.
The UK tax implication of your property purchase abroad are best dealt with via your UK tax advisor (if you have one). Note, however, that the UK and Spain have a double-taxation treaty, so if you have paid CGT in Spain, this will be allowed for in the UK tax consumption.
A full document regarding the key issues of tax treatment on overseas property can be
downloaded here.
Thanks to Mark Simpson, of Frenkels Accountants in Manchester.