UK Money News
11th April 2008
Rebate due for Brits selling property in Spain
Britons who have sold property in Spain could be set for an unexpected windfall, following the discovery of a tax code error.
The sellers affected were charged overdue capital gains tax totalling £37 million between March 2004 and December 2006.
During this period British non residents selling up paid 35 per cent on any capital gains made on their investment, compared with just 15 per cent by native Spaniards.
It has subsequently been found that this discrepancy contravenes European Community Treaty rules on discrimination.
Emilio Alvarez, a lawyer based in Spain, said: "This tax trap is thought to have affected hundreds of thousands of people across Europe and in the UK.
"Due to stringent legal restrictions people who bought at the end of 2003 have already missed out, as claimants must register within four years, but thousands of Brits can still join forces and fight to get the Spanish tax authorities to pay back the money owed."
The estimated average rebate stands at £11,000 before interest.
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