Time Running Out For Spanish Property Compensation

10/07/2010

Britons illegally charged more than twice the standard tax on profits for selling Spanish property now have just one month left to reclaim their cash.

Anyone charged the 35% Capital Gains Tax Rate rate - some 20 percentage points more than Spanish nationals pay - can claim back around €18,000, on average, according to currency specialist HiFX.

This could mean a combined sum of £283 million in refunds for UK citizens.

Claims can be made for properties sold in Spain from 1997-2006 after the European Court of Justice (ECJ) extended this from 2004-2006 in November last year.

UK citizens who had a previous claim turned down can now reapply after the ECJ took legal action to allow this.

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