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TAXES

Posted: Tue Feb 23, 2021 10:37am
10 replies337 views7 members subscribed
Annrog

Posts: 7

Joined: 26 Jan 2021

Hi all if we move to Spain post Brexit does anyone know how the Spanish tax authorities would treat income derived from a UK Sipp or draw down plan.  We lived in Portugal a number of years ago and they treated a proportion of this income as return of capital thus reducing the amount of tax paid considerably, do the Spanish have similar arrangements?

Can anyone advise on this.

Thanks

Roger

Sue222

Posted: Wed Feb 24, 2021 5:58am

Sue222

Helpful member

Posts: 88

54 helpful points

Location: Almoradí

Joined: 17 Oct 2017

Posted: Wed Feb 24, 2021 5:58am

Every thing you earn in the UK is taxed in Spain even tax free pension lump sums. Get information from a reliable firm not just a local gestor. Good luck.

trotter

Posted: Wed Feb 24, 2021 7:39pm

trotter

Helpful member

Posts: 254

198 helpful points

Location: Rojales

Joined: 20 Mar 2020

Posted: Wed Feb 24, 2021 7:39pm

Annrog wrote on Tue Feb 23, 2021 10:37am:

Hi all if we move to Spain post Brexit does anyone know how the Spanish tax authorities would treat income derived from a UK Sipp or draw down plan.  We lived in Portugal a number of years ago and they treated a proportion of this income as return of capital thus reducing the amount of tax p...

...aid considerably, do the Spanish have similar arrangements?

Can anyone advise on this.

Thanks

Roger

Stay in Portugal if you can, at least for a while. Spanish taxes are fairly punitive if you have any savings, investments and reasonable income.

Lancelot

Posted: Thu Feb 25, 2021 6:18pm

Lancelot

Helpful member

Posts: 392

456 helpful points

Location: La Finca

Joined: 24 Jun 2019

Posted: Thu Feb 25, 2021 6:18pm

My wife, age 55, takes a small income from her SIPP of around 9k Euro pa, Blevin Franks suggested that if she keeps it below 14k drawdown a year she won't pay tax as it's her only pension income at the moment. She took a 25% tfls before we became Spanish tax residents.

I cant draw mine down yet as 51, so I'd be interested in what you find out as I'm yet to complete full analysis of my own.

Robert K

Posted: Thu Feb 25, 2021 7:50pm

Posts: 8

5 helpful points

Location: Campoamor

Joined: 11 Feb 2021

Posted: Thu Feb 25, 2021 7:50pm

Annrog wrote on Tue Feb 23, 2021 10:37am:

Hi all if we move to Spain post Brexit does anyone know how the Spanish tax authorities would treat income derived from a UK Sipp or draw down plan.  We lived in Portugal a number of years ago and they treated a proportion of this income as return of capital thus reducing the amount of tax p...

...aid considerably, do the Spanish have similar arrangements?

Can anyone advise on this.

Thanks

Roger

I can only suggest that contact a tax advisor

I was recently hit by a hefty tax bill

I was told in no uncertain terms " if you live in Spain you pay tax in Spain"

Regards Rob

Pinkshami

Posted: Fri Feb 26, 2021 9:29am

Pinkshami

Helpful member

Posts: 155

81 helpful points

Location: Orihuela Costa

Joined: 16 Apr 2018

Posted: Fri Feb 26, 2021 9:29am

Hi

We were recommended a company called Abaco in Torrevieja and they have been very helpful. They are going to be the people we use for taxes as we go forward now as residents of Spain.

https://www.google.com/search?q=abaco+torrevieja+spain&rlz=1C9BKJA_enGB590GB590&oq=abacos+torr&aqs=chrome.1.69i57j0i22i30l5.7191j0j7&hl=en-GB&sourceid=chrome-mobile&ie=UTF-8#

We had a meeting with a few advisors but found them most helpful.  However have not actually used them yet, but I would definitely say they are worth a free consultation to see what they have to say.

Hope this helps 

Sharon

Annrog

Posted: Fri Feb 26, 2021 10:23am

Annrog

Original Poster

Posts: 7

Joined: 26 Jan 2021

Posted: Fri Feb 26, 2021 10:23am

Pinkshami wrote on Fri Feb 26, 2021 9:29am:

Hi

We were recommended a company called Abaco in Torrevieja and they have been very helpful. They are going to be the people we use for taxes as we go forward now as residents of Spain.

https://www.google.com/search?q=abaco+torrevieja+spain&rlz=1C9BKJA_enGB590GB590&oq=abacos+torr&aqs=chrome.1.69i57j0i22i30l5.7191j0j7&hl=en-GB&sourceid=chrome-mobile&ie=UTF-8#

We had a meeting with a few advisors but found them most helpful.  However have not actually used them yet, but I would definitely say they are worth a free consultation to see what they have to say.

Hope this helps 

Sharon

Hi Sharon,

Many thanks for that we will give them a try.

Roger

Robert K

Posted: Fri Feb 26, 2021 10:23am

Posts: 8

5 helpful points

Location: Campoamor

Joined: 11 Feb 2021

Posted: Fri Feb 26, 2021 10:23am

Pinkshami wrote on Fri Feb 26, 2021 9:29am:

Hi

We were recommended a company called Abaco in Torrevieja and they have been very helpful. They are going to be the people we use for taxes as we go forward now as residents of Spain.

https://www.google.com/search?q=abaco+torrevieja+spain&rlz=1C9BKJA_enGB590GB590&oq=abacos+torr&aqs=chrome.1.69i57j0i22i30l5.7191j0j7&hl=en-GB&sourceid=chrome-mobile&ie=UTF-8#

We had a meeting with a few advisors but found them most helpful.  However have not actually used them yet, but I would definitely say they are worth a free consultation to see what they have to say.

Hope this helps 

Sharon

Hi Sharon

I hope it works out for you

My situation is fine now but I wish that I had taken advice when we first came to Spain

Kind regards Rob

Annrog

Posted: Fri Feb 26, 2021 10:25am

Annrog

Original Poster

Posts: 7

Joined: 26 Jan 2021

Posted: Fri Feb 26, 2021 10:25am

Sue222 wrote on Wed Feb 24, 2021 5:58am:

Every thing you earn in the UK is taxed in Spain even tax free pension lump sums. Get information from a reliable firm not just a local gestor. Good luck.

Hi Sue,

Will keep this in mind.

Thanks.

Roger

Annrog

Posted: Fri Feb 26, 2021 10:27am

Annrog

Original Poster

Posts: 7

Joined: 26 Jan 2021

Posted: Fri Feb 26, 2021 10:27am

Lancelot wrote on Thu Feb 25, 2021 6:18pm:

My wife, age 55, takes a small income from her SIPP of around 9k Euro pa, Blevin Franks suggested that if she keeps it below 14k drawdown a year she won't pay tax as it's her only pension income at the moment. She took a 25% tfls before we became Spanish tax residents.

I cant draw mine down yet as 51, so I'd be interested in what you find out as I'm yet to complete full analysis of my own....

...

Many thanks for your response we are consulting with a tax advisor and we will keep you posted when we get any information.

Roger

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