Tax Benefits of Purchasing in 2012

Posted by Daniel Martinez in Post Property Transaction Information, Spanish Property Tax | Tagged , , , , , | Leave a comment

The government announced this year that anyone purchasing a property before 2013 will be entitled to a 50% discount on Capital Gains tax when they come to sell in the future.

Also those who are fiscal tax residents and purchase before the end of the year will be able to get tax relief on their mortgage payments.

Please remember that on a calender year basis the fiscal value of the property may be subject to change, therefore your purchase tax (ITP) may no longer no valid (this would only be applicable to purchases where fiscal value is higher than the actual purchase price).

Another important note, if you are a vendor the plusvalia will increase at the turn of each calender year, so if you think that completion is going to run into the new year be aware that there will be a higher figure of plusvalia pending.


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