Any experience/ideas on the best way to move funds from house sale to UK without liability to CGT in either Spain or UK,  or what tax liabilities would there be on Repatriated Funds to UK,

If this is from the sale of your main residence then you are not liable to CGT if you re-invest it in another main residence even if it is in the UK.

Regarding best exchange rates you have to shop around (and be lucky!) it is back in your favour a bit at the moment as the Euro has strengthened last week.

ROB1305 - 30 August 2009 08:52 PM

If this is from the sale of your main residence then you are not liable to CGT if you re-invest it in another main residence even if it is in the UK.

Regarding best exchange rates you have to shop around (and be lucky!) it is back in your favour a bit at the moment as the Euro has strengthened last week.

Rob, can I clarify that, If I use the profit funds to purchase a house in the UK, then I would not be liable to CGT either here on in UK, have you got a legal ref for that please. or perhaps a fiscal colleague that could help sort it out, ( as always there are a few other financial anomalies that need sorting at the same time!)

Mike, Sorry mate I cannot remember exactly where I saw this BUT I clearly remember thinking ‘wow’ something advantageous from the tax system and also that it was a reliable source.

If you think about it what claim on the money would the UK have? - it was not ‘earnt’ there - the more amazing thing is that Spain lets you walk away with it but I suppose that is an EU benefit.

But take professional advice and I am sure they will bear me out.

If I come across the info again I will contact you.

For anyone else - I guess this only applies within the EU (not USA, Canada etc - don’t know)

The way I understand this is that if you sell a property in Spain as a non resident you are liable to 18% tax, however if you leave Spain you will probably only have to pay 3% of the gain. I do not think there is any agreement to further off set tax if you then purchase in the UK, not that I am aware of. Use a money transfer company for sending the money back to the UK to save a little. I can recommend a couple if you require.