Investors in Spain entitled to tax rebate
Tuesday April 15th , 2008
Britons who have recently sold a property in Spain could be in line for a substantial tax rebate, according to an expert.
Emilio Alvarez, a Spanish lawyer, recently found that many property sellers were overcharged with regards to their capital gains tax payments.
This is because a higher amount is charged to foreign nationals who are collecting a profit on their investment.
However, Mr Alvarez says this practice is illegal under current EU laws and that British property sellers are entitled to get their money back.
He commented: "This tax trap is thought to have affected hundreds of thousands of people across Europe and in the UK."
Mr Alvarez added that the overall amount due to British investors could be as much as £37 million.
According to Holiday-Rentals, almost a third of European properties owned by UK-based buyers are in located in Spain.
