On Wednesday 12 March, the European Commission decided to refer Spain to the Court of Justice of the European Union for infringing the free movement of capital, as set out in Article 63 of the Treaty on the Functioning of the European Union (TFEU).
In accordance with Spanish tax legislation, resident taxpayers have the option of deferring capital gains tax when the payment for the transfer of assets is deferred for longer than a year or spread over a period longer than a year. In this case,...