Reduce capital gains tax with our 'Selling your Spanish Property' Tax Calculator

NEW!!

This is an easy to use tax calculator that allows you to calculate your Spanish capital gains tax ('CGT') liability when you sell your Spanish investment property or holiday home.

Not only this but it goes one step further and also tells you what your UK capital gains tax bill is. It then apply's the UK-Spain double tax treaty to your disposal and tells you what tax you have to pay (if any) to each tax authority.

Not bad for no extra cost. Just like all the other TaxCalcs this is to be available for download for free if you're a member. If you're not a member you can join the site and gain full access to this and everything else. If you want to join up click here

Frequently Asked Questions on the Spanish Tax Calculator

What information do I need to include?

In order for the calculator to calculate the UK and Spanish gains/tax charges you will need to include:

Disposal Proceeds
Costs of disposal
Costs of acquisition
Date of disposal
Date of acquisition
Any capital losses
Whether the property is owned jointly or in your name
Any improvement expenditure

What information does the calculator provide?

It will tell you:

The UK CGT liability

The Spanish tax liability

The net tax payable to each tax authority

The amount of tax to be reclaimed from the Spanish authority

What reliefs does it take account of?

These include:

UK tax

Basic gain calculation(offset of expenses etc)

Indexation

UK capital losses both brought forward and current

Taper relief

Annual exemption

CGT calculation based on your income

Joint ownership scenario

Spanish tax

Basic gain calculation(offset of expenses etc)

Abatement rules

Indexation

CGT calculation dependent on date of disposal

Joint ownership

Tax retention rules

Who can use the calculator?

Anyone.It is designed for UK residents selling Spanish property. However if you're non UK resident and selling a property after 1 January 2007 the calculator can still be used although in this case clearly the UK tax liability would not be relevant and only the Spanish CGT would be payable.

What if the tax rules change?

The calculator is updated for every change in the tax rules, therefore you should ensure that you download the latest copy. As a member you can download free updates as and when you wish

Do I need to transate into sterling?

Yes, the calculator is designed to work in Sterling. Therefore the disposal proceeds and costs should be translated into Sterling. You would use the date of disposal or date the expenditure was incurred for the purposes of identifying the correct exchange rate.

If you purchased Spanish property prior to the introduction of the Euro you would use the exchange rate for Pesetas to identify the Sterling equivalent.

Do I need any software to use the calculator?

This is an Excel based format and therefore assuming you have Excel or other compatible spreasheet you will be able to view it. Note if you don't have Excel 602TAB offers a free trial package that can be used to view the calculator.

What are the payment options?

If you're not a member of WealthProtectionReport.co.uk you will need to join the site as a full member to use the calculator. This is a cost of only £9.95 per month but will allow full access to all site contents and updates.

Payment is taken online via credit/debit card payment and processed by our secure servers at Protx and Streamline, the UK's largest credit card payment processors.

Note this TaxCalc assumes that you are UK resident and own a property in Spain.

In this case Spanish reinvestment relief for the reinvestment of proceeds into a main residence wouldn't be available as you're not Spanish resident. Similarly the TaxCalc assumes that you can't argue that the property is your main residence for UK tax purposes either. (If you're interested in this line of argument we're in the middle of writing an article on this!).

To use the 'Spanish Property Tax Calculator' click here

Cookie Control