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Tax on pensionsfrom ireland but living in spain
Posted: Fri Jul 28, 2023 12:16pm
From ireland but living in spain.Does anybody know ,how an annuity pension is taxed in spain.
Dessie wrote on Fri Jul 28, 2023 12:16pm:
From ireland but living in spain.Does anybody know ,how an annuity pension is taxed in spain.
Depends on your age when you started the annuity. For example, if under 40 when you first got it then 40% is taxed and 60% tax free, if over 70 when you took it then only 8% is taxable and the remaining 92% is tax free. There is a table of the age when you took it out been posted on here before.
The taxable element is treated the same as savings tax and the normal tax rates apply
The above is for lifetime annuities. temporary annuity up to 5 years is 12% taxable, up to 15 years is 25% taxed at the savings and income tax rates.
Posted: Sat Jul 29, 2023 8:58am
Super helpful member
Why wake up sleeping dogs?. The Spanish revenue will not konow about your foreign assetes if you don't tell 'em.
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killjoy wrote on Sat Jul 29, 2023 8:58am:
Why wake up sleeping dogs?. The Spanish revenue will not konow about your foreign assetes if you don't tell 'em.
Yeah, right. I take it you've seen the fines for non declaration of assets in Spain? No declared income, no right to reduced prices on prescriptions etc.
Telling people to break the law has been a UK trait for a long time with people living under the radar. I was hoping that mindset had more or less disappeared now but seems not.
Posted: Sun Jul 30, 2023 1:55pm
Super helpful member
marcliff wrote on Sat Jul 29, 2023 9:08am:
Yeah, right. I take it you've seen the fines for non declaration of assets in Spain? No declared income, no right to reduced prices on prescriptions etc.
Telling people to break the law has been a UK trait for a long time with people living under the radar. I was hoping that mindset had more or less disappeared now but seems not....
Read more...
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However, killjoy is not from the UK!
Posted: Mon Jul 31, 2023 9:40am
Super helpful member
Stevec2x wrote on Sun Jul 30, 2023 1:55pm:
However, killjoy is not from the UK!
And he certainly lives up to his name…👍😂
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