Hundreds of Britons fight to reclaim CGT from Spanish tax authorities

The Spanish government has come under fire from hundreds of Britons looking to reclaim millions in overpaid Capital Gains Tax (CGT).

Currency exchange brokers HiFX reports that scores of Britons who sold a property in Spain between June 2004 and December 2006 have registered claims totaling more than an estimated £86m, or over £19,300 each. During this period, Britons were overcharged CGT by 20 per cent.

Spanish lawyer Emilio Alvarez, of Costa, Alvarez, Manglano and Associates, who, along with HiFX exposed the tax loophole, said: "If anyone believes they have been affected by this, they need to move quickly...thousands of Britons can still join forces and fight to get the Spanish tax authorities to pay back the money owed."

Some people are being put off reclaiming the CGT as lawyers say they cannot hold of the required form, Form 212, Alvarez added. However, his firm will speak to the Spanish Tax Office on behalf of any clients and ascertain if they are eligible for a refund and obtain the necessary forms.

Mark Bodega of HiFX says that so far more than 300 people have registered to reclaim CGT, but he estimates that there are still many more to come forward, as more than 4,500 Britons were affected. Interested parties need to register on www.spanishtaxreclaim.co.uk.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website
Digg This! | Save to del.icio.us