The capital gains tax is a tax imposed on income gained from the selling of some form of assets, such as a home or property, or from an investment in Spanish territory in a given fiscal year.
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A double taxation arrangement (DTA) is a deal between two countries. A double taxation arrangement prohibits us from paying taxes twice for the same benefit or profits.
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Inheritance tax is levied on the individual who receives the bequest, not the estate of the deceased person. It is based on the sum each beneficiary receives. The gift tax is due when an asset located in Spain, such as a Spanish bank account, is given to a Spanish citizen or a non-resident.
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When buying or selling a home in Spain, taxes are higher than in the United Kingdom. Capital gains tax is due on any rise in the value of a home, including your primary residence, when you sell it.
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Pensions from the government and private companies are both taxed as if they were earned profits. Taxes on state benefits are frequently paid in the country that pays the pension.
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If you work in Spain, the taxation system is identical to the PAYE system in the United Kingdom. You will be referred to as an "Autonomo" if you are self-employed.
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Even if you do not spend 183 days in Spain, you will be considered a tax resident if your centre of economic interests is in Spain.
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Many non-resident property owners in Spain may be unaware that they are liable to pay the Impuesto sobre Bienes Inmuebles (IBI) tax for the following year.
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