The Spanish press publishes expert advice to help Spanish property owners to reduce tax payments, reports ee24.com referring to El País.
Cancellation of tax charges apply primarily to those who bought the main house in Spain or made at least a part of the purchase price before January 1, 2013. Tax incentives may thus be up to 15% of the transaction, but no more than €9,040.
If you paid for expanding of the usable area of your home or the works on adaptation the housing to the needs of the disabled up to January 1, 2013, then you can also take advantage of the benefits, but only if the work will be completed before January 1, 2017. In this case, the discount is also 15% of the amount of money spent, but no more than €9,040 in expanding the area and 20% (25% in Catalonia) for adaptation, but no more than €12,080.
It is also important to remember that from 1 January 2013, the revenue from the sale of property sold less than a year after purchase is a subject to income tax, which can be up to 56%. If you move the date of sale, you can seriously save. In this case, the first €6,000 will be subject to 21 % tax, the amount of up to €24,000 will be taxed at 25%, and the remaining amount at the rate of 27%.