Helpful member
Was surprised to hear the other day that when or if I sell my property I will have to pay yet more tax so I would interested to hear from forum members if this is true and what percentage it is and what it's based on ?
Posted: Sun Jul 31, 2022 8:09am
Super helpful member
The vendor pays income tax (+/-20%) on the difference between buying and selling prices. Plus council tax depending on the "assigned soil value" )Impuesto sobre el incrementos de valor de los terrenos) and musy be inquired for at your council. The buyer pays stamp tax and fees amounting around 12% not incuding fees for solicitors, "gestorias" etc,
killjoy wrote on Sun Jul 31, 2022 8:09am:
The vendor pays income tax (+/-20%) on the difference between buying and selling prices. Plus council tax depending on the "assigned soil value" )Impuesto sobre el incrementos de valor de los terrenos) and musy be inquired for at your council. The buyer pays stamp tax and fees amounting around 12...
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...% not incuding fees for solicitors, "gestorias" etc,
Any capital gains tax can be offset by the cost of improvements that have been made to the dwelling, provided that they have been licensed by the council and receipts can be shown for the expenditure.
Posted: Sun Jul 31, 2022 10:13am
Helpful member
Benice2me wrote on Sat Jul 30, 2022 9:48pm:
Was surprised to hear the other day that when or if I sell my property I will have to pay yet more tax so I would interested to hear from forum members if this is true and what percentage it is and what it's based on ?
I have read that if resident and over 65, there is no CGT on sale of main residence.
Is yours a holiday home?
Posted: Sun Jul 31, 2022 12:15pm
Helpful member
Relyat wrote on Sun Jul 31, 2022 8:54am:
Any capital gains tax can be offset by the cost of improvements that have been made to the dwelling, provided that they have been licensed by the council and receipts can be shown for the expenditure.
Thankyou for your posts forum members..all interesting stuff that I'm sure will be of value to not only myself but to anyone thinking or going through the process of buying a property, just on the point of obtaining licences I think it's fairly obvious for major works but on the "minor works " licence does anyone actually know what work you are allowed to do on your property that doesn't involve obtaining a license and paying the fees for example can I tile my kitchen without having to make an appointment with the council ?
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Posted: Sun Jul 31, 2022 1:12pm
Helpful member
ldp wrote on Sun Jul 31, 2022 10:13am:
I have read that if resident and over 65, there is no CGT on sale of main residence.
Is yours a holiday home?
It's my main residence not a holiday home but I'm not quite that old as yet.. hey I hope your correct but I've a strange suspicion that' you might not be anyway I'm voting you to be mayor and thank you so much for your post
Benice2me wrote on Sun Jul 31, 2022 12:15pm:
Thankyou for your posts forum members..all interesting stuff that I'm sure will be of value to not only myself but to anyone thinking or going through the process of buying a property, just on the point of obtaining licences I think it's fairly obvious for major works but on the "mino...
Read more...
...r works " licence does anyone actually know what work you are allowed to do on your property that doesn't involve obtaining a license and paying the fees for example can I tile my kitchen without having to make an appointment with the council ?
Officially, anything needs a licence and my advice would be to get one.
There's been a lot of discussion about this before.
Benice2me wrote on Sun Jul 31, 2022 1:12pm:
It's my main residence not a holiday home but I'm not quite that old as yet.. hey I hope your correct but I've a strange suspicion that' you might not be anyway I'm voting you to be mayor and thank you so much for your post
There is definitely no CGT to pay if over 65 and sale of main residence. Must have lived in the property for either 2 or 3 years but cannot remember which. This was confirmed by our solicitor and eventually by our gestor after I argued against paying the tax a few years ago. He finally checked the regulations and confirmed I was correct.
Posted: Thu Aug 4, 2022 12:18am
Legendary helpful member
Jay1947 wrote on Sun Jul 31, 2022 11:54pm:
There is definitely no CGT to pay if over 65 and sale of main residence. Must have lived in the property for either 2 or 3 years but cannot remember which. This was confirmed by our solicitor and eventually by our gestor after I argued against paying the tax a few years ago. He ...
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...finally checked the regulations and confirmed I was correct.
It's 3 years.
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