A court decision in Spain has opened the way for thousands of UK citizens to reclaim some of the tax they paid when they sold their homes here. The High Court in the province of Valencia has ruled in favour of a British couple, Mr and Mrs Roy. The verdict forces the Spanish tax authorities to refund them the difference, they were charged a capital gains tax levied at 35% instead of 15%.
The court considered the law which was in force for many years was “discriminatory”. This verdict could be a first step in favour of people who sold their homes in Spain but who were officially non-resident, they were taxed at 35% of their profits rather than at the 15% rate applied to Spanish nationals.
Some real estate British agencies announced discounts of up to 50% on the purchase of apartments and houses on the Spanish coast, in particular, assets located in Almeria, Murcia and Alicante. According to the company Northwest Invest, the apartments are seizures by the banks. Said real estate agent announces on its web that it has reached an agreement with a firm of lawyers to commercialize with exclusive right the apartments seized by a “big Spanish bank” in these zones. The discounts vary, based on each property, but some apartments can be acquired with a reduction of up to 50% on the price of appraisal. In fact the company even offers greater reductions (of up to 70%) if the properties are acquired by lots.