Join the La Cala De Mijas forum

My name's Alex and this is my website all about La Cala De Mijas in Spain. Register now for free to talk about Banking and finances in La Cala De Mijas and much more!

Proceeds from Selling Property in Spain

Posted: Wed Apr 5, 2023 9:52am
chat_bubble6 repliesvisibility202 viewsadd_alert6 members subscribed

Posts: 166

star40 helpful points

Location: La Cala De Mijas

Joined: 14 Mar 2021

I am a UK resident.

My query is around selling a property in Spain, converting the euros from the sale to GB pounds and transferring them to my bank in the UK.

What is the best way to do this to minimise my fees and therefore maximise the pounds paid into my UK bank?

Will my proceeds from my sale be liable for tax by HMRC in the UK?

Posted: Wed Apr 5, 2023 7:28pm

Holaitsdavid

Very helpful member

Posts: 1483

star560 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Wed Apr 5, 2023 7:28pm

You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.(If made a gain) Link below. 

'Wise' most popular low cost way to transfer money. . 

https://www.gov.uk/tax-sell-property/selling-overseas-property

Posted: Wed Apr 12, 2023 10:20am

Posts: 19

star4 helpful points

Location: Torremolinos

Joined: 12 Jul 2021

Posted: Wed Apr 12, 2023 10:20am

Jeffers wrote on Wed Apr 5, 2023 9:52am:

I am a UK resident.

My query is around selling a property in Spain, converting the euros from the sale to GB pounds and transferring them to my bank in the UK.

 

Read more...

What is the best way to do this to minimise my fees and therefore maximise the pounds paid into my UK bank?

Will my proceeds from my sale be liable for tax by HMRC in the UK?

I use revolute to transfer money from the UK into Euro and would use it if transferring it back

Look into the monthly fees to see whats suitable.  You are not committed for any length of time so can stop and start as you please

Posted: Wed Apr 12, 2023 12:13pm

Posts: 27

star9 helpful points

Location: Cancelada

Joined: 5 Jun 2021

Posted: Wed Apr 12, 2023 12:13pm

Hooch wrote on Wed Apr 12, 2023 10:20am:

I use revolute to transfer money from the UK into Euro and would use it if transferring it back

Look into the monthly fees to see whats suitable.  You are not committed for any length of time so can stop and start as you please

Wise is a bit cheaper, but watch out for Revolut as they charge more at. weekends! For large amounts to convert shop around as other Fx firms are cheaper than both these. When I sold you also get the 3% withheld amount 2-4 months after the sale.

Advertisement - posts continue below

Posted: Wed Apr 12, 2023 12:23pm

Jeffers

Original Poster

Posts: 166

star40 helpful points

Location: La Cala De Mijas

Joined: 14 Mar 2021

Posted: Wed Apr 12, 2023 12:23pm

Porton77 wrote on Wed Apr 12, 2023 12:13pm:

Wise is a bit cheaper, but watch out for Revolut as they charge more at. weekends! For large amounts to convert shop around as other Fx firms are cheaper than both these. When I sold you also get the 3% withheld amount 2-4 months after the sale.

Did you have to pay UK tax on the profit from your sale?

Posted: Wed Apr 12, 2023 12:28pm

Posts: 19

star4 helpful points

Location: Torremolinos

Joined: 12 Jul 2021

Posted: Wed Apr 12, 2023 12:28pm

Porton77 wrote on Wed Apr 12, 2023 12:13pm:

Wise is a bit cheaper, but watch out for Revolut as they charge more at. weekends! For large amounts to convert shop around as other Fx firms are cheaper than both these. When I sold you also get the 3% withheld amount 2-4 months after the sale.

When I was transferring from the UK to euros, I could not find it cheaper than revolute

The guy from one of the big firms that kept phoning me was not surprised and said he used revolute too 

I think if you pay a monthly fee (mind you can do this for one month) you don't pay a weekend fee.  

I will look into wise, but i like how easy revolute is.  Thanks for the info 

Posted: Thu Apr 13, 2023 7:33am

Posts: 27

star9 helpful points

Location: Cancelada

Joined: 5 Jun 2021

Posted: Thu Apr 13, 2023 7:33am

Jeffers wrote on Wed Apr 12, 2023 12:23pm:

Did you have to pay UK tax on the profit from your sale?

With 20% buying and selling costs plus the running costs and improvements made, no profit….

Sign up for free or login to reply to this topic

Want to reply to this topic? Login or register for free to post your message:

Find more Banking and finances topics from a particular area: