REVEALED: British who own homes in Spain facing significant tax increase on rental profits post-Brexit transition - News in Costa Blanca - Costa Blanca forum, Spain
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REVEALED: British who own homes in Spain facing significant tax increase on rental profits post-Brexit transition

Posted: Wed Feb 12, 2020 9:00am
2 replies50 views3 members subscribed
Alex

Alex

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Location: Rojales

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IT’S bad news for Brits who own homes in Spain and rent them out for extra cash or to help pay the bills. According to economist Santiago Lapausa, the tax paid by Brits on profits earned from rentals will increase by 5% after the transition period unless a specific deal is reached. Currently, as European […]

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RayD

RayD

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Thu Feb 13, 2020 2:51pm

Posts: 4423

Location: Catral

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Posted: Thu Feb 13, 2020 2:51pm

I don't think much of his maths.

An increase in tax from 19% to 24% is an increase of more than 25% paid 😉

Davebev1

Davebev1

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Thu Feb 13, 2020 11:47pm

Posts: 664

Location: Playa Flamenca

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Posted: Thu Feb 13, 2020 11:47pm

The tax will increase by more than 5% In real terms. Currently EU nationals (inc Brits up to now) pay 19% after allowable deductions, which can work out at about 13 - 14% of the gross income. 3rd country nationals (ie from non- EU countries) pay 24% on the gross, no allowable deductions. So in real terms the increased tax will be quite a hit on incomes.

We have been informing owners of this being a consequence of brexit, so hopefully some will have started to adjust rates over the last year or so where they can to help offset the loss. 


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