Hi folks,I have trawled through forum and relevant sections for information but still not clear about my position.
I own a property in Uk since 1986 which I lived in until moving to Spain in 2013 to become fiscal resident.The property has been let out on various occasions since 2013 and is currently let.I plan to sell it next year and wonder whether I would be better off to return to UK for 12 months,live in property as main home and avoid having to pay CGT as I will have PPR relief from 1986 to 2012.As a TIE holder in Spain I am allowed to leave Spain for up to 5 years without losing my residencial status.This of course would mean notifying the Spanish tax authorities I am no longer a fiscal resident in Spain and therefore not liable for CGT to Spain.I would then pay non residence tax on my Spanish property.
Alternatively I could sell my property in UK anytime and pay the CGT on increase in value of property from date of my Spanish Fiscal Residency January 2013 to the date I sell the property.This would be a 7 year period and be 23% of the increase in value of said property between 2013 and 2021.
Am I right in thinking that because of PPR I wouldn’t pay any CGT to UK tax authorities and only have to pay the Spanish Tax authorities?
The latter course would be the most practical solution and probably be less financially costly than returning to UK for a year to sell.
Any alternative suggestions would be gratefully received.
Many thanks.
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