A landmark court ruling comes as welcome news for up to 10,000 Britons who own properties in Spain, says The Sunday Times.
Alan and Margaret Roy have successfully claimed about £3,000 from the Spanish government after they were charged more than twice the amount of capital gains tax (CGT) as local residents. Lawyers say this "opens the floodgates for claims"; currency specialist HiFX says that at a conservative estimate, Britons are each due £14,100 in overpaid CGT.
The Roys bought a property for e150,000 in 2001. When they sold it three years later for e160,000 they were charged 35% on the gain instead of the Spanish flat rate of 15%. The European Commission ruled last year that this disparity contravened European Union legislation. A Spanish Court has upheld the Roys' claim for a 20% rebate, plus interest. Under Spanish law, there is a "limited window for registering claims", so move fast.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
You may be eligible if you sold a house between mid-2004 and the end of 2006, during which time the 35% tax rate was set. See www.spanishtaxreclaim.co.uk, or call 0845-680 3849.
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
