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22 September 2015
The gain in Spain; Reporting gifts; Trust coming ashore; Farming VAT
The gain in Spain
Advice is required on the treatment of Spanish capital tax deductions.
In February 1992 my client bought a holiday apartment in Spain for about 7m pesetas. He has recently sold it for €144 000. I am struggling with the significance of various deductions from the proceeds made by the lawyers on the completion statement for the computation of UK capital gains tax.
There is a “withholding” of 3% of the gross sale proceeds (€4 320) which is said to be for Spanish capital gains tax. Under the double tax agreement with Spain a UK resident “may” be charged to capital gains tax in Spain on the sale of Spanish immovable property so a deduction seems fair enough. But a little internet research suggests that the Spanish...
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