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Thinking of selling your property in Spain

Make sure you understand all your Spanish tax liabilities.

Selling property in Spain can be a minefield.  The system is complicated, all the paperwork is in Spanish and not surprisingly many people are unclear about who needs to do what.  And unfortunately your Spanish lawyer and estate agent are unlikely to advise you.

When you sell your property you should only receive 97% of the sale value as your buyer withholds 3% to pay the Tax Office.  This is classed as an “advance” payment of your potential capital gains tax liability.  As a seller it’s your responsibility to work out what capital gain or loss you’ve made on the property and submit a tax return to either pay any additional amount of tax (over and above the 3%) or to claim a refund for overpayment.  As a UK tax payer, you also need to declare any capital gains or losses on your UK tax return

How Numerological can help you

  • Advise you prior to the sale about the process and what documents are required as evidence
  • Collect all the evidence and work out the capital gain or loss on the property for you
  • Create a summary of the capital gain/loss calculations
  • Submit the tax returns on your behalf and send you a copy
  • If you are owed a refund, then we will submit the claim and follow up with the tax office until you’ve received the refund
  • Submit any overdue annual returns and help you deal with any fines or penalties due to late submission
  • Provide the appropriate tax schedules for your UK return which you can deal with yourself or pass on to your accountants
  • We are also happy to liaise directly with your UK accountant if necessary

    • At Numerological we aim to give our clients complete peace of mind.  We’ll ensure the correct paperwork is in place and submitted to the tax office on time, minimise your capital gains tax liability and deal with any queries by the Spanish Tax Office on your behalf.

    If you’re considering selling your property then call us today for some FREE initial telephone advice.

    If a sale has already been agreed then we can still help.  We’ll advise you on the process, thereby saving you time and money.