Illegal Spanish tax bills could see rebate for Brits - what you need to know
Hundreds of British investors who have sold property in Spain in the recent past could be due a rebate after they were charged undue capital gains tax (CGT).
Those who sold property in the Iberian nation between March 2004 and December 2006 could be in line for a share of a £37 million rebate, after an error in the country’s tax code was discovered.
However, under European Community Treaty rules on discrimination the discrepancy in tax rates is illegal.
As such Brits were charged an additional £37 million, around £11,000 per sale – to which they are now entitled a rebate.
“This tax trap is thought to have affected hundreds of thousands of people across Europe and in the UK,” said Spanish lawyer Emilio Alvarez.[1]
If you think this might have happened to you between March 2004 and December 2006 then give us a call or email we have the right expertise to help you with your international property requirements.
[1] This article is courtesy of the well respected industry web site about property
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