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Declaring your assets

Posted: Sat Apr 28, 2018 9:59am
6 replies186 views5 members subscribed
Roselynne

Posts: 16

Location: Catral

Joined: 5 Nov 2017

Hi there, just wondering if anyone knows anything about the Spanish government is taxing you 24% if you have savings up to 50,000 , We are looking to buy in this area and have a bit of savings and was wondering why we are getting taxed on this especially when we get taxed here in Britain for it and would be pleased if someone could give me some advice . Thank you in advance x

Jan

Posted: Sat Apr 28, 2018 11:51am

Jan

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Posted: Sat Apr 28, 2018 11:51am

I don't know that much about this as we pay our Spanish taxes in Spain as Non Resident - Therefore anything relevant to our property or bank account in Spain is paid there (we use a Fiscal Representative) but the tax paid in UK is only paid in the UK.

I think if you are Resident then all taxes in both countries are declared in Spain but there's a reciprocal arrangement whereby any taxes paid in UK are not paid again in Spain and vica versa...so you don't pay double.

Here's a couple of articles that may be of interest. 

http://www.abacoadvisers.com/spain-explained/taxes/news/all-you-need-know-about-non-resident-taxes-in-spain

http://www.abacoadvisers.com/spain-explained/taxes/news/making-resident-tax-declaration

When you appoint a good solicitor for your house buying you should get all this information. 

You can also email any Solicitor/Abagado you are thinking of using and ask these questions. Do get one that has good online access and answers emals quickly as that helps greatly.

Hope this helps.  

Roselynne

Posted: Sat Apr 28, 2018 12:07pm

Roselynne

Original Poster

Posts: 16

Location: Catral

Joined: 5 Nov 2017

Posted: Sat Apr 28, 2018 12:07pm

Thank you for your quick reply I found it helpful , we are worried as we were thinking of moving to spain permantly and this thing about double taxation is worryng us that we get penalised for having savings and get taxed again. 

Jan

Posted: Sat Apr 28, 2018 12:57pm

Jan

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Posted: Sat Apr 28, 2018 12:57pm

I do know that you will not get double taxation, so you shouldn't worry about that,  but obviously it is best to get your questions answered officially to put your mind at rest.

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jimtaylor

Posted: Sat Apr 28, 2018 4:37pm

jimtaylor

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Posted: Sat Apr 28, 2018 4:37pm

You do not get penalised just for having assets, unless they're more than €300,000.

The €50,000 you're referring to is probably about the obligation to submit a form 720 for assets over €50K in any of three categories held outside Spain. This is an information-only report and does not result in tax being levied.

To add to what Jan has correctly said about the Dual Taxation Treaty, once you've submitted your first resident tax return here, you can then opt out from paying tax in the UK.

Have a look in the sub-forum for 'Taxes in Costa Blanca...' and read all my posts. I've completely covered the tax situation, with the exception of a final post I'll do shortly about how to give the Inland Revenue the elbow.

Wayne

Posted: Sat Apr 28, 2018 8:25pm

Wayne

Helpful member

Posts: 155

126 helpful points

Location: Mil Palmeras

Joined: 12 Mar 2016

Posted: Sat Apr 28, 2018 8:25pm

Just set up a limited company in the uk ! Minimum cost can't touch you 💪🏿

Movingon

Posted: Sat Apr 28, 2018 9:53pm

Movingon

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Posted: Sat Apr 28, 2018 9:53pm

Roselynne wrote on Sat Apr 28, 2018 9:59am:

Hi there, just wondering if anyone knows anything about the Spanish government is taxing you 24% if you have savings up to 50,000 , We are looking to buy in this area and have a bit of savings and was wondering why we are getting taxed on this especially when we get taxed here in Britain for it a...

...nd would be pleased if someone could give me some advice . Thank you in advance x

Is somebody actually asking you to pay 24% tax on your savings or are you listening to Chinese whispers?

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