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I started a thread a few weeks ago to discuss declared property value for new build properties. There was a great deal of discussion about builders bullying people into under declaring by large amounts and for large cash payments being made. In many cases the Spanish builder had the upper hand and most people reluctently had to go along with this against their better judgement. Most people seem to say that their lawyers were not very supportive when they try to avoid complying with this Spanish custom.
What I am interested in now is finding out the problems when it comes to selling these properties. You now must have Brits selling to other Brits. To avoid being lumbered for high Capital Gains Tax they must now impose the same amount of under declaring. You must now be in the same position as the Spanish builder. If you don't hold firm on the under declaring you will be liable for the capital gains tax. I suppose the only difference is that there are no staged payments and the declared value will be known from the outset.
How did this reversal of role feel? Did you have any problems continuing with the Spanish custom. I would be interested in hearing the experiences of those who were selling their property and how to address the problem of continuing with the under declaring.
PaddyW
What I am interested in now is finding out the problems when it comes to selling these properties. You now must have Brits selling to other Brits. To avoid being lumbered for high Capital Gains Tax they must now impose the same amount of under declaring. You must now be in the same position as the Spanish builder. If you don't hold firm on the under declaring you will be liable for the capital gains tax. I suppose the only difference is that there are no staged payments and the declared value will be known from the outset.
How did this reversal of role feel? Did you have any problems continuing with the Spanish custom. I would be interested in hearing the experiences of those who were selling their property and how to address the problem of continuing with the under declaring.
PaddyW