Non-resident property owners who sold their Spanish property between 1997 and 2006 could claim back 20% of the capital gains tax paid, ruled the European Court of Justice in October 2009.
It has been ruled that the tax, which stood at 35% but has now reduced to 18%, charged by the Spanish government violated European laws by giving non-residents a higher tax while Spanish residents were only charged 15%.
The case was brought to the European Court of Justice by Costa, Alvarez and Manglano lawyers – www.spanishtaxreclaim.co.uk – on behalf of a British couple. The ruling of the European Court of Justice has opened the floodgates for others to claim compensation.
The Times, have speculated that the average amount of compensation per person is around €15,000. They estimate that the total amount of compensation payable to the thousands of British owners who sold during this period could be £238 million.
Source: The Times, Primelocation, Bignews.biz
Tags: Costa del Sol, Investment Property in Spain, Investors in Spain, Malaga, Marbella, Property in Spain, Property on the Costa del Sol, Selling Property in Spain, Spain