Javea Grapevine Issue 176 - LARGE FONT EDITION | Page 81
Strictly speaking, it is
not necessary to get
a valuation carried
now, instead you can
wait until you make
the disposal.
I think it is sensible to
record in April 2015
what condition the
property is in & any
unusual features as
this will help make a
fair valuation later on.
The following three
pages give three different ways of calculating the Capital
Gains Tax obligations
on a house sale.
and that the profit you
make after your annual exempt amount
is deducted doesn’t
So, it is important that push you over the
you understand the threshold - it is 28% if
difference this can it does.
make to the amount Look here
you will eventually
have to pay.
https://www.gov.uk/
capital-gains-tax/
Particularly because work-out-your-capithey don’t seem to tal-gains-tax-rate
mind which of the
three systems you to see how this works
use, as long as all the for you
figures are consistent
and you do submit If you would like to
one of them.
speak to the HMRC
The rate of Capital helpdesk ring
Capital Gains Profit,
depending on which
system is used to calculate “profit”.
Gains Tax depends
on your UK Income 0044 300 200 3300
These figures are
Tax level and whenfrom HMRC.
ther you qualify for a and they will call you
Depending on the personal Income Tax back, in Spain, if your
methodolgy, the ex- Allowance.
query is complex,or
ample house has
if they need to refer
made
Roughly
speaking, you to another deyou can assume it is partment to get you
£92.5k,
28% if you are a high- the best advice.
£220k or
£430k
er income tax payer
and 18% if you are a
basic rate tax payer
www.gov.uk