2. Spanish Property Law
For the most comprehensive analysis of
Property Law in Spain written in English go to:
Spanish Property Law
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3. Income Tax Deductions in Spain
There are 17 autonomous communities or regions in Spain
and each has competency to regulate tax exemptions and
deductions within it’s territory.
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4. Income Tax Deductions in Spain
However, the central state government also regulates income
taxes.
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5. Income Tax Deductions in Spain
Both systems work together in a complex arrangement that
means that taxpayers pay a proportion of their taxes to the
central government and the remainder to their local
government.
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6. Income Tax Deductions in Spain
So when we refer to a tax deduction available in a particular
region, this may not be the whole story.
Additional deductions, with different qualifying criteria, may
also exist at a state level.
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7. Income Tax Deductions Cantabria
If you have dealings with property and pay income tax in
Cantabria then you may be in line for a tax break.
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8. Income Tax Deductions Cantabria
The regional level exemptions available in Cantabria were
enacted by the parliament in Santander with the most
important provisions contained in Law 6/2005, Law 62/2008
and Law 11/2010
The most important deductions available are as follows:
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9. Purchase/Renovation of Property in areas of
Depopulation
Purchasing or renovating a property in areas classified by
the regional government as areas of depopulation
The deduction is worth 10% of the invested amount up to
€300 a year or €600 if it is the principal personal residence
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11. For renting of the principal private residence
A taxpayer can deduct 10% of rental monies paid in
respect of their principal private residence up to a value
of €300 annually on condition that:
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12. For renting of the principal personal residence
cntd...
i) They are aged between 35 and 65 years of age (unless
they are disabled > 65%)
ii) The taxpayer's income may not exceed €22,000 (before
subtraction of mimimum personal exemption or that for
dependants) or €31,000 if joint declaration
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13. For renting of the principal personal residence
cntd...
iii) The amount of rent paid must be greater than 10% of
the taxpayers income
In the case of a joint declaration, the maximum deduction is
€600
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14. Purchase of the Principal Private Residence
There are no further deductions for the purchase of a
standard principal private residence in addition to those
available at the state level.
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15. For more information or assistance with legal or tax
matters from our network of local English-speaking
property lawyers in Cantabria, go to:
Property Lawyers in Cantabria
Source AEAT
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