Will it be possible to claim the return of the capital gains tax?

The Constitutional Court in Spain has declared that the calculation formula used by the local councils to calculate the capital gains tax is unconstitutional. We still only have a press release but soon the Court will publish the judgement. This means that the municipalities will have to apply a correct formula. Until now when a homeowner sold his property he had to pay a large capital gain.

The result was that they always had to pay. From the moment the judgement is published, all sellers who have paid a municipal capital gain for having sold in the last 4 years will be able to claim back part of that capital gain. We do not yet know what formula will be applied but we are keeping a close eye on everything that happens in the legal world to tell our clients about it.