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Plusvalia and IRPF (Personal Income Tax)

By in Venta с 0 Comments

There are two taxes to be paid by seller of a real estate in Tenerife.

1. Plusvalia (local municipal tax)

To calculate your tax you need 4 variables:

  1. X – The cost of the land that your property is build on (can be found in your IBI receipt)
  2. A – The year you have acquired the property.
  3. B – The year you are selling the property.
  4. Y – Special coefficient that depends on the municipality where your real esate is located and the number of years you’ve owned the property (in Tenerife it averages at 3,1).

Here is the formula: Plusvalia = X*(B-A)*Y/100*0,3

2. IRPF (Personal Income Tax)

This tax is based on 3 variables:

  1. X – The price of acquisition of your property.
  2. Y – The price that you are selling your property for.
  3. Z – Tax percentage:
    – 21% for benefits less than €6 000
    – 25% for benefits between €6 000 and €24 000
    – 27% for benefits more than €24 000

And here is the formula: IRPF = (Y-X)*Z

If the difference between prices is negative – there is no tax to pay.

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