Ra joy’s government offers tax relief to 50% of future capital gains to buy new homes, after extending the 4% VAT on the sale of houses.

At the time when the crisis deepens further, the Spanish government tries again revive the housing market, while the economy to try to sell much of the housing stock and thus free banking mostly Ballast brick. To achieve this, the government has provided significant tax breaks to those who purchase a home before December 31, 2012, after extending the super-reduced VAT of 4% for the purchase of housing, which the previous government had agreed.

Tax breaks to investors who buy real estate in 2012

Those lucky enough to go on this adventure, you can deduct 50% of the future value that can generate when the appropriate owner to sell that same house, thanks to a new bill passed May 11, 2012 in the Council of Ministers, included in the Royal Decree on the reorganization and sale of real estate assets in the financial sector. With these important tax credits are trying to achieve, that before the end of the year, output is those real estate assets that are weighing on banks’ balance sheets. This measure is directed especially to investors as it seeks to expand in the future to the benefit of individuals who buy a home as an investment, and then sell it more expensive. It also goes to companies looking to keep medium-term rent, to pass them later.

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The new rules seek to boost the property market

As reported by the Minister for Public Works, Ana Pastor, the Council of Ministers, with this new rule seeks to “boost the property market,” the investment since both apply the discount in income tax, as in the Income Tax Non-Resident and corporate tax, as long as there is no connection, either family or business contract between buyer and seller, to try to prevent those same homes can move between companies of the same group. This measure benefits mostly banks, which now have their hands on more homes. These measures may be sold directly to investors seeking to acquire time, to speculate with them later. But that provision refers not only to homes, but also offices, plots, premises, garages and storage, which will apply the exemption when sold, if they have been purchased between May 11 and December 31, 2012 .

Second Financial Reform Ra joy approved by the Government

The Council of Ministers also approved the May 11, 2012, the second financial reform , which is also the fourth held in Spain since the crisis began. This reform will force Spanish banks to make provisions for a total value of 30,000 million euros. And in this new reform, the Government of Mariano Rajoy agreed to raise the required provisions for banks on its troubled assets, from 7% to 30% to clean up the area, try to restore the credibility of r which currently lacks the Spanish banking industry and get credit flowing again.

New incentives to join the VAT cut

However, these are not the only provisions to try to boost the crippled housing market. The previous Socialist government of Jose Luis Rodriguez Zapata has already approved, in August 2011, implementing the reduction of VAT from 8% to 4%, the sale of homes , which applied only to basic necessities. But when Mariano Ra joy took office in December 2011, decided to extend the super-reduced VAT of 4% for the purchase of new housing, provided they were devoted to residence. This is a very important as a saving of between 5,000 and 10,000 euros for households with a fixed cost between 125,000 and 250,000 euros. And while housing developers requested that applied this super-reduced VAT also buying second homes, the executive has not been considered so far.