The Spanish Tax Administration applies taxes on the property transmissions in accordance with a valuation method utilising the cadastral value of the property multiplied by coefficients. It turns out that, according to art. 10 of the corresponding Law of Patrimonial Transmissions, the taxable base of the Tax is constituted by the market value of the property of the transferred good, but, according to art. 57.1 of the General Tax Law, the real value of the property transferred is determined by applying a multiplier coefficient to the assessed value of the property.
Often many distressed people moan how the taxation on holiday letting is convoluted and scares them off. Fortunately, that is lawyers and economist step in, simplifying matters.
Non-resident landlords can now benefit from generous tax relief which used to put aside exclusively for Spanish resident taxpayers. these new laws have had an outsize impact in taxation, considerably reducing non-resident landlord's tax bills. ...continue reading "Holiday Rental Taxation in Spain"
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