Spainish government further reduces capital gains tax29/05/2012
The Spanish government has announced a further 50% reduction in capital gains tax on second homes purchased this year, in a bid to boost property sales and help reduce some of the country’s huge housing stock.
Ana Pastor, head of the Public Works Ministry, which includes the Spanish housing department, has announced that anyone who purchases a second home or investment property in Spain between now and the end of the year will benefit from the capital gains cut when selling the property in the future.
The tax break, which is aimed at property investors and holiday home buyers, will apply to both individuals and companies. However, it will not apply on property transactions between parents and their children.
This is the latest in a long line of measures introduced by the government designed to stimulate sales of second homes in Spain.
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