Capital gains on house sale

[stevepond]

My wife and I purchased a property in March 2001 but did not obtain Residencia status until March 2004. I shall be 65 on October 2009. Is it true that if I retain my Residencia status until then and sell the property and return to England, there will be no capital gains tax to pay in Spain?

If this is not correct, is there a reducing sliding scale which is applied to any tax due?

Thank you in anticipation

Steve Pond

[Fontanals Solicitors]

The payment of taxes in relation to the sale of a property has nothing to do with the age of the seller.

Nevertheless it is more favourable for the payment of the Capital Gain tax to keep your Residency until the selling date.

For further information, we will be pleased to attend you at our offices in Torrevieja.