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property purchase (TAX) late VALUE

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  • property purchase (TAX) late VALUE

    WATCH OUT! JUST RECEIVED A BILL FOR 600 EUROS FROM OUR FRIENDLY (WELCOME TO SPAIN!!) TAX OFFICE ,JUST TO LET ME KNOW "YOU DID,NT PAY THE PRICE "WE" THOUGHT IT WAS WORTH " So pay up!?? Property was purchased over 2 year ago, in a bit of a state ,hence the price I paid for it.I had to gut it and spend loads on it,guess if I sell ,the Tax office wo,nt update "their" esimated value for me or the purchaser! What a Con!!! If I was in charge of the Spanish econimy,I would want to encourage people to stay,not keep stitching them up!!

  • #2
    Why is this different to the UK?
    In the UK all properties are set a value on which the council tax is based - and whether it is a 'palace' or a 'dump' that value is the one of which taxes are paid.
    It is also the same with cars - the official value is the one of which the transfer tax is paid regardless of its condition.
    I understand that no one (including me) likes tax demands to appear after a transaction but so many people have underpaid tax by the black money approach and the now the country is in financial difficulties taxes have to be paid.

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    • #3
      I agree, but will they take this into consideration,when I come to sell,(their revaluation) I do,nt think so ,they will look at the deeds and assess @ deed price paid and once again ,pay up.By the way, the price that was paid was what was agreed, and NO Black market dealings,as I know how the Ayentiamento catch up with these types of deal!!

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      • #4
        If when you come to sell you are fiscally resident in Spain, have owned the property for more than 3 years and re invest all the money in another Spanish property you will not have any capital gains tax to pay, (or indeed if you don't make any gain) The CGT rates are the same as tax rates on investment income - it is tiered and starts at 19% and capped at 21% for amounts about 6,000€.

        The rules are more lenient for over 65s.

        But of course tax regimes are being frequently changed at the moment.
        Editado por última vez por Rob1305; https://torrevieja.com/forums/member/3326-rob1305 en , 16:59:48.

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