#EmbraceSpain X: A small step for the following big jump

#EmbraceSpain X: A small step for the following big jump

#EmbraceSpain X: A small step for the following big jump

Spain and the United Kingdom are carrying out their last fiscal measures of the year and are preparing for a budding 2017 with their growing economies.

In the tenth edition of the articles dedicated to our campaign #EmbraceSpain, we enter into the month of December: a month which not only requires putting together the balance sheet for the year, but also planning of the upcoming year.

Our Managing Partner, Leon Fernando Del Canto, participated in the latest meeting of an Advisory Board of the Association of International Property Professionals (AIPP), a British non-profit organization that brings together professionals from the real estate sector and advocates constant improvement of quality and best practices in the sector, advising both specialists and consumers.

Silver Surfers magazine quoted Leon Fernando del Canto in an article analyzing the legal and tax situation that British expats who own properties in Spain find themselves in, once the United Kingdom decided to leave the European Union.

Also, in Madrid we participated in a corporate breakfast with Pedro Saura, organized by the British Chamber of Commerce’s British Investment Committee. Saura is a spokesman for the Economy within the Socialist Parliamentary Group in the Congress of Deputies, with which we were able to discuss “The economic policy and attraction of foreign investment of the PSOE” and where the attendees could get a better understanding of the economic panorama of the Government and the economic policy of the Socialists in relation to foreign investment; as well as express concerns, needs and suggest policies that will benefit companies and investors more.

Spain and the United Kingdom are also preparing to close their fiscal years by implementing the latest measures of 2016. In the Spanish case, the political blockage has delayed some initiatives such as the Immediate Information System of the VAT (SII) and the levy of the so-called Script dividend. In addition, our country has paid for this tax and for the IRPF more than the European Union itself has.

On the other hand, the Spanish real estate market continues to grow and the sector has asked the government for fiscal incentives for energy efficiency. Other markets such as luxury and M&A have also reported strong figures.

In Britain’s case, the Bank of England is designing measures to protect the City from Brexit and pressure on the government to reform corporate law. The real estate market closes this month also in growth, although slightly less, whereas, in terms of international investments, London continues to be referenced in the Middle East, especially in Qatar.

Back in Spain, a court in Vizcaya has acknowledged the total retroactivity of the floor clauses, returning 14,250 euros to a couple affected. Following this ruling which, if extended, could mean a disbursement of 5,200 million euros in returns for banks, occurs twenty days after the final decision by the CJEU on these unfair terms.

Regarding the controversy on land clauses in mortgages we have already given our firm’s reports and, above all, we have analyzed the reasons that led the ECJ to limit the retroactivity of such clauses in a non-binding opinion last June. We also offer legal information on our platform www.spanishbank.co.uk.

In addition, another court, in this case, the High Court of Justice of the Community of Madrid (TSJM), has issued a ruling that obliges the Tax Agency to return 3,135 euros collected by the IRPF to a taxpayer who had Maternity benefits of 11,679 euros.

Although it does not create jurisprudence, it opens the door to subsequent complaints by women who received maternity benefits from January 2012. Since the Communication and Gender Agency has facilitated the launch of www.Reclamacionmaternidadirpf.com with information relevant to those affected in the claim procedure; A process that could benefit between one and two and a half million people.

Likewise, we have attended the activities programmed by the Municipal Board of District Villa de Vallecas and organized by the Communication and Gender Agency, on the International Day against Violence towards Women, which is commemorated on November 25.

In Del Canto Chambers, with the #EmbraceSpain campaign, we started to dismantle 2016 and open the gap to 2017 with the intention of continuing to grow to offer more through our blog, our social media networks including Twitter and Linkedin, and through our monthly newsletter.

Xavier Nova (@xavinova)

Director of Del Canto Chambers


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