Things I won't miss

[Corporal Jones]

If you make a capital loss i don't suppose the Spanish authorities will give back some of the purchase tax.

[Spurs]

That's a very good point victor I wish they would although I doubt it . Makes me sick why should we have to pay any capital gains tax   I worked for the cash , i payed tax on it once ,I saved it , i went without other things to buy the place I took the risk buying 16 years ago I've maintained it why should any govt take this tax it's like robbery

[John H]

I'd love to have a big CGT bill when we sell ours!!
As it is after 14 years when I deduct the allowable costs we will just about break even.

Regards all

John


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[Spurs]

John not that I'm looking to sell but what are the allowable deductions ?

[John H]

From memory
Buying costs
Structural improvements.....not things like air con that can be unbolted and general upkeep.
Selling costs

In Spain you can also add onto this your Suma and Tax bills.

Our solicitor, we've used the same one since we bought the place, had all these figures to hand and showed me how she would get our 3% retention back as our "gain" will only be a few hundred Euros

Regards all

John




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[John H]

.....and don't forget if the property is in joint names you have the £11,300 CGT allowance each in the U.K.


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[Graham H]

We stay 4 or 5 times a year in Novamar 2 and the music at the school is our alarm clock. Love it. The thing that gets on your nerves is the bloody Police and their whistles.......Grrrrrrrrr.

[Corporal Jones]

John are you then saying without all the other deductibles, , that if you bought for 100 thousand and you sold for 99 thousand then no 3% retention.

[John H]

The 3% is taken Victor whilst they "check your account" at the hacienda, if all you tax has been paid and as in your example Victor no "gains" have been made then the 3% can be claimed back.
Our solicitor includes this as part of the sale process.
Conversely if you make a big gain and owe quite a few euros unless the authorities chase you back to the UK you'll only cough up 3%
At today's exchange rate a sale any time soon would be great!!

Regards all

John


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[Tony Gillam]

Further to previous posts and in response to John Hannon's request.

I've now got my sale proceeds back on UK territory. A bit of a convoluted procedure and, as expected BBVA charged for the bank draft going in and then charged again to send to money to my UK a/c. The whole exercise took a couple of weeks too. It would have been easier to have shown up at the notary myself, collected the bank draft and brought it back to the UK and paid it in. I could have shaved about eight days off.

I've swapped half of it from UK Euro ac to my sterling one, a procedure that takes three days, substantially faster than BBVA did to effect an interbank transfer. Just watching to see the effects of "a period of stability" now before switching the rest.