BIG tax trouble for Spanish holiday homes post brexit
UK residents who own holiday homes in Spain will suffer after brexit as the Spanish tax system is harsh on non EU/EEA people.
For example…… rents received in Spain by UK resident individuals (or companies):
Pre brexit – deductions are allowed for most property costs and tax is charged at 19%.
Post brexit – NO deductions allowed, tax of 24% is levied on gross rental income.
There are many other nasty Spanish tax consequences of brexit.
Be warned everyone.