Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Only 2.5 / 41 [6%] of the gain, you are assumed to be in residence for the last 18 months of ownership even if this is not the case) will be subject to Capital Gains Tax (CGT). From this you can deduct your Annual Exempt Amount (AEA) of 11.1K to offset the tax. If you received rental for the occupation by your daughter you may well be entitled to Lettings Allowance (LR) up to 40K also. Under Spanish taxation any gain made is liable to income tax as savings income. There is a Double Taxation Convention between the UK and Spain which precludes taxation in both jurisdictions. This is achieved by means of tax credits, the tax paid in one country being allowed as a tax credit against a liability in the other. The Convention does not protect you from differences in rates of taxation.
Where you reside will not make any difference in this matter.
I do hope that you find my reply of assistance.
That would seem a good idea and probably avoid Spanish taxation on the gain. However, this is an UK tax advice site so I would be inclined to consult a Spanish tax practitioner just to make sure.
There is an error on my original response, paragraph 2 line 3 delete 'Allowance' insert 'Relief.'
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At this stage I cannot help you as I have no data as to the acquisition cost. This would be the purchase price plus purchase costs including Stamp Duty plus any improvements eg installation of double glazing, central heating, extensions, but not routine maintenance. The difference from 350K would be your capital gain, but as I told you only 6% is exposed to CGT and there is still the AEA off 11.1K to deduct. Mortgages do not form part of any CGT computation.
Unfortunately no, the AEA is a non cumulative concession. In HMRC speak it is an 'use it or loose it' benefit.
360K - 150K = 210K gain less 11.1K AEA leaves 198.9K @ 6% [11.93K] exposed to CGT. Worst case scenario is a bill of a tad under GBP 250 . This assumes that your daughter paid no rent. Better than a poke in the eye with the proverbial sharp stick!
Thank you for your support.