|
| |
Financial section
|
sponsored by:
 |
|
| note: you can
discuss these articles in the
property
owners forum return to
index |
|
Mais Valias – Capital Gains Tax
July 2006
It should be noted by property owners that neither the Finanças nor the
association of accountants (APECA) regard fees and commissions charged by
lawyers or estate agents on sale of residential property as deductible for
the purpose of reducing a liability to a “mais valia” (capital gain). This
is their “opinion” – the law states that only “necessary expenses” are
deductible and they do not regard those items as “necessary”.
The refusal to allow real estate agents commission can make a substantial
difference to the eventual tax payable. Quite how the Finanças expect a
non resident owner to sell a property in Portugal without the assistance
of a real estate agent and lawyer, thus regarding those sale expenses as
“not necessary”, is beyond our imagination.
The only deductible expenses are those of IMT, Notarial and Registry
expenses and any legitimate documented capital expenditure within the
previous 5 years prior to sale. |
Whilst every effort has been made to ensure that the details contained
herein are correct and up-to-date, this information does not constitute
legal or other professional advice. We do not accept any responsibility,
legal or otherwise, for any error or omission. |
|
|
|
