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Thousands of Brits who have sold a property in Spain in
recent years could be owed a 20% tax rebate. Britons who have
sold a Spanish residence between March 2004 and December 2006
could be owed the cash as a result of a Spanish government’s
capital gains tax ‘scam’ according to Spanish lawyers Costa,
Alvarez, Manglano & Associates and currency exchange brokers
HiFX.
British
non-residents who sold their Spanish properties during this
period paid a Spanish non-residents’ income tax rate of 35% on
any capital gains, compared to a rate of 15% paid by Spanish
nationals. This 20% overpayment not only totals a profit
somewhere in the region of £37million before interest owed,
but also contravenes European Community Treaty rules on
discrimination and therefore was unduly charged by the Spanish
government, say CAM&A. Putting an exact total on the amount
of people affected is very difficult as the Spanish government
does not want to disclose this information, says HiFX. Those
people who sold previous to January 2004 have already missed
out as claims can only be made dating back over a 4-year
period, meaning millions more have already become victim to
this tax trap. |
