March 11, 2009
Spanish Property Tax Rebates After Landmark Ruling
Up to 100,000 Britons with homes in the sun could be entitled to reclaim more than £140m in overpaid capital gains tax following a landmark ruling.
A couple recently won a landmark ruling after they were illegally charges more than twice the amount of CGT as Spanish residents.
Currency specialist HiFX made a conservative estimate that Britons are due, on average, £14,100 in overpaid CGT. Add to this interest at 6%pa and the average claim increases to nearly £18,000.
The couple sold a property and paid non-resident tax of 35% rather than the Spanish flat rate of 15%.
The European commission ruled last year that non-residents should not be charged any extra.
