UK business owners and other individuals that were illegally charged capital gains tax (CGT) on the sale of a Spanish property are running out of time to reclaim their money.

Foreign exchange specialist HiFX has warned that those who were charged CGT by the Spanish government on the sale of properties between 1997 and 2006 have just one month left to initiate proceedings to recover their losses.

According to the company, those people reclaiming the amounts have had a 100% success rate, with the average claimant receiving €18,000 (£14,980).

Mark Bodega, marketing director of HiFX, said: "We have been fighting for the last two years to help British people reclaim the CGT that they were illegally overcharged by the Spanish government.

"We estimate that there are still thousands of Brits who sold Spanish properties in the eligible time period who still havent come forward. But time is running out - once the deadline passes they will never be able to reclaim this money again."