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Hopefully someone can clear this up for me, if I sell my property in the UK this August 2020,

Posted: Sat Jul 18, 2020 9:44am
15 replies798 views7 members subscribed
fran18

Posts: 25

Joined: 3 Jun 2018

Hopefully someone will be able to help me with this, 

My property is up for sale if it sells August and I move over mid September I'm applying for residency straight away will I be liable for huge taxes on my property or is it as I'm moving over at the end of the tax Yr hopefully I'm not in the country enough days to have to pay taxes on the sale of my UK property? 

Can someone please clarify?!?! 

Tony1948

Posted: Sat Jul 18, 2020 2:05pm

Tony1948

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Posts: 237

200 helpful points

Location: Camposol

Joined: 16 Jan 2018

Posted: Sat Jul 18, 2020 2:05pm

Too complex !

Lots of things to consider.

Age, potential profit, Tax status in Spain etc

Speak to a real lawyer / tax advisor. In the UK AND in Spain.

People on here do not know enough about you & your finacial affairs to offer real advice.

paulsav

Posted: Sat Jul 18, 2020 3:20pm

paulsav

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Posts: 275

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Location: Yecla

Joined: 4 Dec 2015

Posted: Sat Jul 18, 2020 3:20pm

fran18 wrote on Sat Jul 18, 2020 9:44am:

Hopefully someone will be able to help me with this, 

My property is up for sale if it sells August and I move over mid September I'm applying for residency straight away will I be liable for huge taxes on my property or is it as I'm moving over at the end of the tax Yr hopefully I'm not in the country enough days to have to pay taxes on the sale of...

... my UK property? 

Can someone please clarify?!?! 

Hi Fran,

regardless of your status, the only thing you need to know is if you enter Spain more than 183days from Dec 31st you will become a tax resident and liable for CGT on your Uk house sale and all worlwide assets. However if you come less than 183 days in this year (allowing for any spent in Spain since January this year then you wont become a fiscal resident and sale not affected by Spanish CGT. You will be tax resident from 2021, January 1st and your tax for that year not dealt with until 2022. Good luck with everything.

Regards

Pauline.

lucida100

Posted: Sat Jul 18, 2020 6:30pm

Posts: 91

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Joined: 9 Jun 2016

Posted: Sat Jul 18, 2020 6:30pm

You need professional advice.

paulsav

Posted: Sat Jul 18, 2020 8:51pm

paulsav

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Joined: 4 Dec 2015

Posted: Sat Jul 18, 2020 8:51pm

lucida100 wrote on Sat Jul 18, 2020 6:30pm:

You need professional advice.

Why? What I have stated is correct. Fran could not be a tax resident in Spain this year from September. Depending on status of previous home in Uk,(ie. Main home, rented home, 2nd home, lived elsewhere) she may be subject to Uk CGT but she doesnt need any professional advice to tell her she has not spent(or will spend 183 days this year in Spain). Its as simple as that, and I dont need any more information regarding her situation to work out she becomes fiscal from 1st January 2021. Only an earlier stay in Spain this year would have to be taken in consideration.

Regards

Pauline.

PhilTox

Posted: Sat Jul 18, 2020 9:07pm

PhilTox

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Joined: 1 Oct 2018

Posted: Sat Jul 18, 2020 9:07pm

paulsav wrote on Sat Jul 18, 2020 8:51pm:

Why? What I have stated is correct. Fran could not be a tax resident in Spain this year from September. Depending on status of previous home in Uk,(ie. Main home, rented home, 2nd home, lived elsewhere) she may be subject to Uk CGT but she doesnt need any professional advice to tell her she has n...

...ot spent(or will spend 183 days this year in Spain). Its as simple as that, and I dont need any more information regarding her situation to work out she becomes fiscal from 1st January 2021. Only an earlier stay in Spain this year would have to be taken in consideration.

Regards

Pauline.

Yup, take professional advice, anything posted here could be correct but l wouldn't want to risk it, seen too many posts with replies that are either out of date information or just plain wrong. Play safe, a few euros upfront to a professional could save a fortune later. 

Roland

Posted: Sat Jul 18, 2020 10:04pm

Roland

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Joined: 23 Feb 2018

Posted: Sat Jul 18, 2020 10:04pm

PhilTox wrote on Sat Jul 18, 2020 9:07pm:

Yup, take professional advice, anything posted here could be correct but l wouldn't want to risk it, seen too many posts with replies that are either out of date information or just plain wrong. Play safe, a few euros upfront to a professional could save a fortune later. 

I agree professional advice is needed to take into consideration the personal situation of the OP.

Few hundred euro spent now will be well worth it in the long run 

Gem

Posted: Sun Jul 19, 2020 3:53am

Gem

Posts: 75

40 helpful points

Location: La Torre Resort

Joined: 16 Jan 2020

Posted: Sun Jul 19, 2020 3:53am

fran18 wrote on Sat Jul 18, 2020 9:44am:

Hopefully someone will be able to help me with this, 

My property is up for sale if it sells August and I move over mid September I'm applying for residency straight away will I be liable for huge taxes on my property or is it as I'm moving over at the end of the tax Yr hopefully I'm not in the country enough days to have to pay taxes on the sale of...

... my UK property? 

Can someone please clarify?!?! 

Got to agree with all posters who recommend professional advice. The last thing you need are the 'Forum Experts' who likely know nothing!

A few hundred euros for professional advice likely to save you 000's+.

Don't chance it!

Best wishes.

Gem

paulsav

Posted: Sun Jul 19, 2020 9:23am

paulsav

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Posts: 275

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Location: Yecla

Joined: 4 Dec 2015

Posted: Sun Jul 19, 2020 9:23am

fran18 wrote on Sat Jul 18, 2020 9:44am:

Hopefully someone will be able to help me with this, 

My property is up for sale if it sells August and I move over mid September I'm applying for residency straight away will I be liable for huge taxes on my property or is it as I'm moving over at the end of the tax Yr hopefully I'm not in the country enough days to have to pay taxes on the sale of...

... my UK property? 

Can someone please clarify?!?! 

Hi Fran

I,m sure you will be taking professional advice on such an important decision, and hopefully will be gracious enough to give us all an update so others may also be informed. You could also look on CAB,s website for information to clarify your situation.

Regards

Pauline.

Burnie

Posted: Mon Jul 20, 2020 12:10am

Posts: 37

6 helpful points

Joined: 28 Aug 2018

Posted: Mon Jul 20, 2020 12:10am

fran18 wrote on Sat Jul 18, 2020 9:44am:

Hopefully someone will be able to help me with this, 

My property is up for sale if it sells August and I move over mid September I'm applying for residency straight away will I be liable for huge taxes on my property or is it as I'm moving over at the end of the tax Yr hopefully I'm not in the country enough days to have to pay taxes on the sale of...

... my UK property? 

Can someone please clarify?!?! 

Hi, we were recommended (through this forum) Debbie Shaw to help us with residencia applications and the many questions we thought about at 4am!
So far, I can also recommend her services and rapid responses to our queries: [email protected]

Good luck!

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