2007 Tax news

Non-residents

 

 

Some bullet points from the new tax legislation which was introduced with effect from 1 Jan 2007:

 

• Gains tax reduced to 18% (from 35%)

 

• Retention on sale of property reduced to 3% (from 5%)

 

• Withholding tax on most income reduced to 24% (from 25%)

 

• If you own your Spanish property via a Spanish company and are considering how to sell it or get it back into your own name, there is a new regime with considerable tax benefits to facilitate that. It is, however, temporary. Take advice now.

 

A more detailed review of the new tax law for 2007 is included in our “Spanish Tax” pages.