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Renting or Letting

Renting or Letting

5. Taxes on letting

If you make a letting contract for a permanent dwelling, and want to have the contract registered, you must first pay the tax called Impuesto de Transmisiones Patrimoniales (ITP). To pay this tax to the tax authorities of the regional government, you must first calculate the total rent for the period of time the contract stipulates. Then there is special scale for the taxes to be paid in accordance with the value of the contract. For an apartment rented out for one year at 300 Euro per month, the tax is only 14,50 Euro.

But in addition to the ITP, the owner must also include the income from the letting on his yearly Income Tax Return (Renta) and is under the legal obligation to make regular tax payments to the Hacienda, depending on the form of letting.

 

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