Britons who sold a Spanish property between between June 2004 and December 2006 could be owed cash as a result of a Spanish Government’s capital gains tax ’scam’. Hundreds of them have joined forces to bring a class action against the Spanish Government in a bid to reclaim an estimated £86m in overpaid capital gains tax (CGT). They are also set to add on missing interest at a compound rate of 6% to their 20% overpayment claims. But while hundreds have already joined forces in a bid to reclaim their tax, thousands more are still to come forward.
But those who sold property previous to June 2004 have already missed out on being able to make a reclaim on their overpaid tax, as under Spanish law claims can only be made dating back over a four year period, meaning millions more have become victim to this tax trap. Read more here.
