Articles tagged with: tax
Headline, lawyer, legal advice, non tax resident, Tax Law, taxes »
If you are a non-resident in Spain and own a property there, you are liable to Spanish Income Tax for Non-Residents payment (Spanish IRNR). This issue was already considered in former articles on our website in November 2010 and October 2013:
When a property is owned by a married couple or several persons, each of them becomes an independent taxpayer, so that they should file tax returns separately according to the ownership interest they have on this property.
Depending on the property final use, the income subject to tax payment may be …
Capital Gains, CONVEYANCING, developer, english speaking solicitor, Headline, Income, Property law, taxes »
In this year we have published several blog articles regarding tax changes on property subjects which the Spanish Central Government has passed over this year. In that regard, the deadline to implement most of them finishes on the 31st of December.
As a requirement to increase tax revenues, this new year will bring the removal of some tax reliefs which are currently enjoyed by home buyers in Spain.
From the 1st of January, home buyers in Spain should consider that the following tax incentives will disappear:
1) 50% tax exemption on capital gains …
conveyancing, CONVEYANCING, developer, english speaking solicitor, Featured, legal advice, Property law, Property law, taxes »
The Spanish Government, particularly Mr Cristobal Montoro, Chancellor of the Exchequer, has announced last Friday 13th of July that, from the 1st of January 2013, will apply a VAT of 10% (of the declared value of the property) to new properties, with regard to the current 4%.
During the press conference after the Council of Ministers, the Chancellor has recalled that the application of the reduced VAT (4%) for the purchase of a property had an “expiry date”, that the Government has stated today for the beginning of 2013.
Mr Montoro has …
Capital Gains, CONVEYANCING, discount, english speaking solicitor, Featured, Headline, Income, legal advice, malaga, NON RESIDENT, resident, solicitor, taxes »
Regarding the current financial situation, which is reflected in the drop of property sales in Spain every three months, the Spanish Government has passed a new tax exemption. This exemption tries to promote the sale of properties and may become very interesting for both individuals and bodies corporate considering buying a real estate property in Spain in the short term, whether they purchase commercial premises, homes, offices, garages, plots, storage rooms, etc.
On the 12th of May 2012, the Central Government passed the Spanish Royal Decree-Law 18/2012 of 11th of May …
Featured, Headline, Inheritance Tax, lawyer, legal advice, PROBATE LAW, resident, taxes, wills »
The Inheritance tax imposes taxes on an inheritance received because of death. This tax is paid after a person’s decease and the heir is the taxpayer legally bound to pay it. It shall be paid within the following 6 months since the person deceases. Here below we present an example in order to obtain a better understanding on this tax:
Mr. Smith deceased last January 2012; once he retired and sold his home in England in 2003, he moved together with his wife to Andalusia. Then, they bought a small semi-detached …
CONVEYANCING, Featured, Headline, Income, Inmobiliario, NON RESIDENT, taxes »
All property owners in Spain are liable for some taxes every year. Even if you are (tax) non-resident, when owning a property, you must fulfill your fiscal obligations here in Spain by submitting your yearly income tax declaration for non-residents (IRNR).
In the event you are non-resident in Spain, the reason why you are subject to this tax is because your Spanish property is not your principal residence. Non-residents remain subject to the tax because, by definition, Spain is not their principal residence, so that it is necessary to calculate …