Tax advice.
Tax question 1.
My scenario is: I stop working in the UK in July 2024 and move to Spain on a NLV in say September 2024. In June 2025 when I turn 55 I cash in a small pension say to the value of £50,000. In the UK 25% of this would be tax free then I would pay tax on the remainder at the standard tax rate.
My question is will I be taxed on the whole amount in Spain?
I know that since I am moving in the second half of the year, 2024 will not be looked at by the Spanish tax and I will need to declare 2025 income early 2026 but this will still bring my pension in the equation if I cash it in 2025. Hope this make sense.
Tax question 2.
My partner and I own a house which is in joint names in the UK which we intend to rent out when we move to Spain on the NLV. My question is can the rental income go against my partners tax allowance in Spain only or does it need to go against us both?