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I´m Selling My House In Spain And Want To Know The Best Way To Transfer Money From The Sale Without Paying Tax
Tue, Sep 29, 2009
8 Responses to “I´m Selling My House In Spain And Want To Know The Best Way To Transfer Money From The Sale Without Paying Tax”
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September 29th, 2009 at 4:52 pm
If you sell your house in Spain while still a non resident of the UK, there will be no Capital Gains in the UK. As for the proceeds of the sale, there is no tax on transferring your money from Spain to the UK. (Possible bank charges but no tax). An offshore account wouldn’t work if you are going to be a resident of the UK, as worldwide income is taxable in UK while resident here.
September 29th, 2009 at 4:57 pm
If it is taxed as a capital gain in Spain then I can’t see how it can be taxed as income in the UK.
September 29th, 2009 at 5:18 pm
open an account with william hill,[the betting office people] put the money into your account from your spanish bank, after a month you can change your bank details to your english account and withdraw at regular intervals into your english account as ”winnings” nudge nudge. you can open the account on line, even have a flutter if you want
September 29th, 2009 at 6:07 pm
You won’t have to pay any tax on the transfer – you are in the EU.
September 29th, 2009 at 6:56 pm
what is your problem just pay the capital gains tax in Spain and put the rest of the remaining money in a suitcase and bring it back to the UK you have no further tax liability in the UK ON THE BALANCE the UK cannot charge income tax because it is not income is it is the residue from a sale of a house in Spain that you will have paid tax in Spain .
you dont have any problems or tax liabilities just bring your money to the UK
September 29th, 2009 at 6:59 pm
There is no UK tax liability arising, unless you had “hidden” CGT liabilities which you avoided by moving to Spain for a five year term. If you did have, don’t return within five years.
I’m assuming you are a Spanish resident for tax purposes. If you are a UK resident then you will be liable for CGT on the sale of your Spanish property.
September 29th, 2009 at 7:53 pm
You certainly wouldn’t be charged uk income tax because it isn’t income. You wouldn’t be charged cgt either if you qualify as ex-pat. Even if you didn’t you would be entitled to double taxation relief, ie you could deduct the spanish tax from your uk tax bill. Get this cleared with the tax office before you do the transaction. PS Transfer funds into a Euro Account else the bank will clobber you with bad exchange rates. Then get as many quotes as possible to exchange your money. Haggle hard for this. ( i only lose 1/4% on my transactions get as close to this as you can)
September 29th, 2009 at 8:06 pm
Open an off shore account in one of the Channel Islands