Moving to Spain - Tax on Selling UK Property
Hello All,
This is my first post to the forum so thought I would post to this topic area as I don't quite know the ropes yet.
I'm set to retire in the last quarter of this year and my wife and I are planning to relocate to Spain, probably in the region of Denia.
I will be 60 and my wife a bit less than that. My son, in his 20s is also interested in relocating with us.
Of course the coronavirus pandemic put a dent in our planning for a while but now we are picking things up again.
My wife and son will have EU national status as well as British but I will be just British national.
One of the things we are considering is moving to Spain in a rental for a while and then looking for a property to buy. But with the market as it is currently we may not be able to sell our property in the UK until after we arrive in Spain.
So at last we get to my initial question. If we sell our UK property while we are in Spain is there a Spanish taxation angle we need to consider? We were hoping to establish Spanish residency before the end of the transition period on 31st December 2020 but we are not sure how that works in relation to any taxation on the sale of our home in the UK?
Any guidance & advice gratefully accepted.
Paul