Monday, January 4, 2010

Reclaiming Spanish Property Tax

As many as ten thousand Britons have found out that their holiday homes could be entitled to a Spanish Tax Claim for possibly in excess of £140m in overpaid capital gains tax (CGT) after a ruling buy the European Court of Justice.

The Times newspaper gave details of Alan Roy, 65, and his wife Margaret, 63, from West Molesey, Surrey and their claim of £3,000 from the Spanish authourities after they were charged more than double the total paid by Spanish residents.

Many legal firms think that this is only the beginning as now a precident gas been set by many of the successful cases. There is also the possibility of claiming for the interest of approximately 6% a year from when the claim is started.

There is currently an issue, in Spanish law, that there is a tight window for initiating claims, so the people who sold property between 1997 and 2006 need to expedite their claims, to be sure of action.

The courts in Spain currently deliberating the cases of about two hundred and sixty British property and a further three hundred and sixty have put forward their details. There are several companies offering to help clients reclaim Spanish tax.

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