British couple win Spanish tax case
A British couple have won a tax case against the Spanish government, paving the way for thousands more claims from those with second homes in the sun.
The couple, Mr and Mrs Roy, brought the case to the Spanish courts after realising Britons selling their home abroad were paying a rate of 35 per cent on any capital gains, compared to a rate of 15 per cent paid by Spanish nationals.
The court agreed the 133 per cent overpayment was discriminatory and ruled the couple should be refunded - opening the door to thousands more claims from Britons who have sold their Spanish home over the last four years.
Mark Bodega, director of currency specialists HiFX, said: "We launched the websitewww.spanishtaxreclaim.co.uk last year in a bid to help those British people affected by this CGT loophole to put their cases forward before the Spanish government.
"It is fantastic news that the first British couple has been successful, and that a total of 600 other British claimants are now in the process of putting their cases forward."
HiFX believes the total figure that could be reclaimed by Brits could be as much as £140 million. If other European countries affected come forward too, the bill could climb to more than £350 million.
However, the firm warned under Spanish law claims can only be made dating back over a four year period, so anyone who thinks they may have a claim should come forward quickly.
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- property ,
- property abroad
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