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Thread: Selling flat - CGT

  1. #1
    dastardly Guest

    Default Selling flat - CGT

    I understand that even if one sells and CGT is obviously not going to be paid (selling for less than bought) the solicitor still has to pay this tax and then reclaim it possibly taking several months to be returned. So one can't "tidy up" in Spain untill this has happened. Is this correct?

  2. #2
    Join Date
    Dec 2012
    Location
    Orihuela Costa
    Posts
    75

    Default

    This is still correct now. If someone is a tax resident and have paid their tax returns each year, there is no retention. But for non-residents, a 3% retention of the sales price has to be kept back to cover any possible capital gains tax. If there is none, they get this money back (after about a year in this region). If there is tax to pay they either get a partial refund, or will have to pay the balance of the tax. So yes, the seller has to wait to "tidy up".

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