Thursday, 26 November 2009

Did you sell your property before 2007? This is for you

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A long-awaited ruling by the European Court of Justice means that Britons who sold property in Spain before 2007 and paid 35% in capital gains tax to the Spanish government could be eligible for a refund. Under the country's tax laws, foreigners who sold property owned for more than one year paid the tax at 35%, rather than the 15% levied on Spanish citizens. In addition, Spanish citizens paid their 15% over a certain threshold, while non-residents were assessed at 35% on the entire gain. The European Court of Justice has now ruled that the Spanish authorities discriminated against non-nationals.>

A group of British non-residents who sold property between June 2004 and December 2006 are represented by Spanish lawyers. Earlier this year, the firm estimated that the average amount to be reclaimed is £19,300 per person. However, those who sold property more than four years ago may have already missed because claims for Spanish tax refunds are time limited. (Source: TheMoveChannel/Spain)

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