International Property

Spanish tax lowered!

Welcome news from Spain that the new government is to keep its promise ... They will extend the previous government's tax reduction of Spanish VAT ( IVA) on the purchase of new properties from 8% to 4% for the whole of 2012.

The initial campaign was to extend this only to those purchases acquired as a main residence, however, the new IVA / VAT legislation mentions no restrictions so Brits buying a holiday home in Spain could well benefit from this tax reduction.

A 4% tax cut on your purchase bill could represent as much as 10,000€ savings that could be far better spent decorating your new property or on a housewarming!

Please do not hesitate to contact our specialist Spanish team for a legal advice in relation to Spanish property matters on 0800 840 4929 or email Spain@pannone.co.uk.