Dramatic news for expats paying Suma tax.
The door is open for clients to reclaim overpaid Suma tax in Alicante.
The news is sketchy so far. We do know that the courts in Spain feel that Irish, British and European property buyers in Alicante have been overcharged in their Suma payments.
Just last week, the Supreme Court in Spain ruled that taxpayers can reclaim settled payments of the Capital Gains Tax when the land involved did not increase in value. In response, the Madrid government is seeking 713 million euros from the State to cover lost tax revenue.
This is interesting to our Expat property owners.
The court in Spain has reinforced the legal principle that taxpayers who paid the tax on transactions that resulted in a loss are entitled to compensation. Yes, thousands, literally thousands of expats are entitled to compensation from the Suma office. This decision strengthens legal certainty and opens the door for further claims. The ruling nullifies a previous decision by the Council of Ministers and mandates the return of the tax along with additional compensation.
If the law stands, and we have no reason to believe it will not, we will notify our clients before the end of the year. We will of course help new clients too, even if they are not buyers from Comaskey Properties*, Dolphin Properties, Spanish homes online or Spanish Solutions. Of course, we don’t need to mention that Ian Comaskey is no longer associated with Comaskey Properties, La Zenia.
Once again, the judiciary has bolstered the rights of taxpayers impacted by the municipal Capital Gains Tax, ensuring they can reclaim the tax paid on transactions that ended in losses, along with receiving public compensation.
We will continue to ensure our clients pay the correct amount of tax in Spain, not one euro too much, not one euro too little!
Get in touch if you are curious, [email protected] or [email protected]
