This video talks about a tax that is not that obvious when you buy a property in Spain. It's a tax based on your property/holiday home value and is payable every year even if you are not earning an income from it.
It is based on the cadastral value of your property and the calculation is 1.1% of the cadastral value if revised. If not revised the calculation will be 2%.
So 1.1% or 2% of the cadastral value would be the amount and then 19% of that figure for EU member states and 24% for third countries like the UK as we left the EU in 2021. The tax is paid in arrears so it will be the tax return for 2022 when the UK will pay 24% for the 2021 tax year.
This video explains this in detail.
Example for a property with a cadastral value of: €100,000 (with the revised calculation of 1.1%)
So, 1.1% of €100,000 = €1100 to obtain the taxable amount and
19% of €1100 = €209 this is the annual tax payable for EU members
24% to €1100 = €264 this is the annual tax payable for third countries like the UK
We also talk about who can help you fill in the forms and present them to the tax office. This company is the cheapest I have found.
spanishtaxforms.co.uk/
They charge £34.95 per property and will also present the forms to the bank for £12 per person.
Some will prefer to use their own solicitor or fiscal representative Solicitors can typically charge around €60 per person.
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