Taxes for selling and buying property in Tenerife

[shaun kelly]

We have an apt in San Eugenio and considering selling and buying a property in either El Medano or San Juan .

Can anyone tell me the taxes and expenses involved in this and also if there is any tax liabilities in the UK that would be involved please .

Shaun

[shaun kelly]

Thanks for the reply , fully understand about the individual circumstances and the 10% needed when purchasing a property ( we did this with the property we currently have ) . The potential costs I am unsure of would be when selling a property . Perhaps someone could point us in the right direction in order to find this out ?

Thanks in advance

[bennoa1]

I'd have a chat with Silvana at Wady Properties in Puerto Colon if I were you. She'll tell you what you need to know. Good luck with the sale and purchase.
http://www.wadyproperties.com/

[bulldog]

You will need to get an Energy Certificate, cost up to €150. You will also have to pay the Pluvalia tax which is based on the notional increase in the value of the land. Usually a few hundred euros but it varies from municipality to municipality and you probably won't find out what it is until you are ready to complete the sale. You may also be liable for Capital Gains Tax and this varies according to a number of variables such as age, residency etc. You need to to speak to a tax expert to discover what it's likely to be for you.

plus valia has rocketed in the last few years it will be in the thousands now depending how long you have owned it and the ibi value
go along to your local town hall to the catastro department you will need to take your escritora original and passport.they will give
you a print out up to a certain date don,t set a selling price till you have it you may be shocked I was!!

[shaun kelly]

Thanks very much to everyone for the advice .

[Margaretta]

Is it still the case that if you are not paying the non-resident tax (a lot of people don't) it will be deducted from your sale? We are paying it so hope it's worth doing so.

[fixer]

Yes if you dont pay you will need to pay when you sell.

[Margaretta]

Yes if you dont pay you will need to pay when you sell.

Thank you Fixer. How far back would they take this unpaid tax? Back ...five years...... or back to when the property was purchased?