What you need to know about Spanish property tax
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Most British owners of Spanish property remain unaware of tax changes that occurred there at the start of the year, says the Schmidt Report. Capital gains tax is no longer higher for non-resident individuals and companies: it has been cut from 35% to 18% for everyone. The withholding tax on the sale of property by a non-resident has been cut from 5% to 3%. This doesn’t mean you can avoid UK tax, says David Budworth in The Sunday Times. But if you elect your Spanish home as your principal private residence a few weeks before selling, the final three years of growth are free from UK tax.
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