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News / Gains Tax In Spain

Gains Tax In Spain

28.08.14

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There have been reports in the English language press in Spain that the capital gains tax main home exemption available to over 65s was being removed. Is this correct?

There have been plenty of stories in the English language papers in Spain ever since the Spanish Tax Law Reform was first announced.

One of the stories that have been reported in the press was that the capital gains tax main home exemption available to over 65s was being removed.

We have studied the drafts recently released by the Spanish government (still to be laid before Parliament) and can confirm that there is no draft legislation to repeal this exemption.

What is in the legislation is an exemption against capital gains tax for over 65s provided they invest in an annuity to supplement pension income, and this will be an additional exemption to the main home exemption. The exemption against the main home is not dependent on reinvesting the proceeds in any way.

27 August 2014

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.
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