Reclaiming overpaid CGT in Spain

This could be very interesting if you bought property in Spain and sold it for a profit in the last four years. I can hear the cynics say, there aren't too many of those, but, apart from the Costas the rest of Spain was doing fine up to 2007 so there may be some souls out there who made a profit ... and paid 35% Capital Gains Tax (CGT) on it.

Well, God bless the EU, they've said it's not on and those naughty Spaniards shouldn't have been doing this when their own citizens were only paying 15% CGT. So, if you've had to lose a chunk of your capital gain, you may be entitled to claim a chunk of it back from them.

According to law firm Costa, Alvarez, Manglano & Associates, investors who made capital gains by selling Spanish properties could be due tax rebates. Emilio Alvarez says, "Investors could be in line for a 20 per cent tax rebate because foreign non-residents were charged a higher rate than Spanish nationals - and that contravenes the European Community Treaty. Those who sold a home in Spain before changes to the rules last year were charged the Spanish non residents' income tax rate of 35 per cent on any capital gains instead of the Spanish flat rate of 15 perc ent. That means those affected can try and reclaim the difference from the Spanish authorities, plus interest". For more information, go to http://www.spanishtaxreclaim.co.uk

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