Thousands of Britons have been overcharged by as much as 20% in capital gains tax (CGT) by the Spanish Government, according to currency specialists HiFX.
A number of British investors have already begun a legal battle to reclaim their money, with an average claim of £19,000. According to HiFX, thousands of British non-residents were charged a Spanish non-residents income tax rate of 35%, compared to a 15% rate paid by nationals. However, HiFX says the tax contravenes European Community Treaty rules on discrimination, and the charges by the Spanish Government were illegal. Following a publicity campaign by HiFX and Spanish lawyers Costa, Alvarez, Manglano & Associates, over 300 investors have joined forces to request tax rebates, but HiFX ...
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