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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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In Spain residents over 65 are ex tempt from capital gains

Customer Question

In Spain residents over 65 are ex tempt from capital gains tax. Should this not apply to all
residents of the european community?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloEach country has it's own tax laws even though they are united in the European community economically.Not all countries implement a Capital Gains Tax and there are different rates of taxation for individuals and corporations throughout Europe. Austria generally taxes capital gains at 25%. Germany has a very strict Capital Gains Tax called Abgeltungsteuer which applies to shares, funds, and certificates. Real Estate held over 10 years is exempt but no provision for age of the owner.UK residents are subject to a rate of 18% Capital Gains Tax. Exceptions apply to principal private residences.You asked "Should this not apply to all residents of the european community?" The UK only recently changed to include CGT on nonresidents should they sell property in the UK.One could argue that it should but unfortunately it does not. In Spain the residents receive the relief form tax as you stated but nonresidents are treated differently for tax.If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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