Spain is cutting second hand home sellers some slack by approving a new tax break that will take effect from next year.
Spain’s government has given second hand home sellers an early Christmas present with the announcement of a tax break.
A draft income tax bill was recently filed which would raise taxes for sellers of second hand homes acquired before December 1994 by deleting the adjustment coefficient and taking into account revaluation due to inflation, explains Kyero. Now, though, officials have approved an amendment to the bill, softening the blow by reducing capital gains rates for sales of properties worth under €400,000.
The amendment – introduced by the Partido Popular – has been welcomed by many, following repeated calls and campaigns to halt the measure. It will come into effect from 1st January 2015.
Source: The Movechannel