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Spanish Tax Return Query

Posted: Wed Apr 24, 2019 10:20pm
4 replies126 views3 members subscribed
Espanglo

Espanglo

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Posts: 214

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Location: Orihuela Costa

Joined: 22 Apr 2017

Hi, just wanted to know if UK expats resident in Spain that do the Declaracion de Renta have to declare what savings they have in the UK? 
Thanks in advance for any advice!

jimtaylor

Posted: Thu Apr 25, 2019 5:25am

jimtaylor

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Posted: Thu Apr 25, 2019 5:25am

For the tax return itself, you only need to declare income, which obviously includes interest on savings accounts, share dividends, etc.

If your savings have a value of €50,000 or more, you need to do an informative return on a Modelo 720.

Nanddgreen2

Posted: Fri Apr 26, 2019 3:26pm

Posts: 25

7 helpful points

Location: Orihuela Costa

Joined: 3 Sep 2017

Posted: Fri Apr 26, 2019 3:26pm

Hi

Sorry to but in but please may I just check that all residents have to complete a tax return on any income, property in Spain and in Uk? Why in Uk and how much tax  do you pay? Sorry but I wasn’t aware of this before and it might affect any decision to move to Spain permanently.  Many thanks 

jimtaylor

Posted: Fri Apr 26, 2019 3:35pm

jimtaylor

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Posted: Fri Apr 26, 2019 3:35pm

If you're resident in Spain then you must do a tax return detailing all of your income, irrespective of where in the world that income comes from.

Some types of income are only taxable in the UK but have to be declared here, in a separate section of the tax return, and can effect the rate at which other income is taxed.

The only exception is that if, having once done an initial return, no tax will be due in subsequent years, then you don't have to do returns.

Nanddgreen2

Posted: Fri Apr 26, 2019 4:07pm

Posts: 25

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Location: Orihuela Costa

Joined: 3 Sep 2017

Posted: Fri Apr 26, 2019 4:07pm

Okay many thanks, at least it makes sense now. 

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