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Pension taxes

Posted: Mon Aug 5, 2019 10:54am
12 replies288 views4 members subscribed
Colinnasmy

Posts: 17

3 helpful points

Location: Villamartin

Joined: 8 Feb 2018

Hi 

If I was resident in Spain apparently every year I have to do tax form where I have to state worldwide assets,  I have a personal pension which has drawdown facilities this would be my only source of income in Spain so my question . Do I pay tax on my pension pot and how much ?

Thanks 

killjoy

Posted: Mon Aug 5, 2019 1:17pm

killjoy

Very helpful member

Posts: 1488

870 helpful points

Location: Orihuela Costa

Joined: 4 Nov 2017

Posted: Mon Aug 5, 2019 1:17pm

Tax amount depends on your overall gross income and your personal circumstances and is somewhere inbetween 0 and 45 %. Usually one gets away with 24% or even less.

jimtaylor

Posted: Mon Aug 5, 2019 2:18pm

jimtaylor

Legendary helpful member

Posts: 5691

8650 helpful points

Location: Mudamiento

Joined: 2 Feb 2017

Posted: Mon Aug 5, 2019 2:18pm

Impossible to answer without knowing your age and how much you intend to draw. However, if you're 65 or over and less than 75, then you could draw up to €14265 before you start paying tax.

See also my tax guides in:

Jim's guides - your complete guide to Spain


Colinnasmy

Posted: Mon Aug 5, 2019 2:22pm

Colinnasmy

Original Poster

Posts: 17

3 helpful points

Location: Villamartin

Joined: 8 Feb 2018

Posted: Mon Aug 5, 2019 2:22pm

Lancelot

Posted: Tue Aug 20, 2019 7:59pm

Lancelot

Very helpful member

Posts: 459

510 helpful points

Location: La Finca

Joined: 24 Jun 2019

Posted: Tue Aug 20, 2019 7:59pm

jimtaylor wrote on Mon Aug 5, 2019 2:18pm:

Impossible to answer without knowing your age and how much you intend to draw. However, if you're 65 or over and less than 75, then you could draw up to €14265 before you start paying tax.

See also my tax guides in:

Evening Jim, Colin looks a young pup - what would be the most he could get before tax paid if he were 55, please? :)

jimtaylor

Posted: Wed Aug 21, 2019 4:30am

jimtaylor

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Posts: 5691

8650 helpful points

Location: Mudamiento

Joined: 2 Feb 2017

Posted: Wed Aug 21, 2019 4:30am

That's more difficult to answer.

There's a personal allowance of €5550, and if someone is living on savings only then that's the tax free limit.

Provided the person has earnings related income, then there are further allowances of €2000, and up to €5565, making a total of €13115.

StevieP

Posted: Mon Apr 5, 2021 2:28pm

Posts: 4

Location: Villamartin

Joined: 16 Feb 2021

Posted: Mon Apr 5, 2021 2:28pm

I have a Civil Service Pension and have heard that I will be taxed on that in Spain, however because it’s a Civil Service Pension I’ve also heard that if you reside in Spain you are taxed in Spain, however won’t be double taxed by the UK due to some agreement between both countries? Can anyone confirm if this is the case or where I can obtain further information on this subject matter?

Rolyat01

Posted: Tue Apr 6, 2021 10:54pm

Posts: 43

18 helpful points

Joined: 23 May 2020

Posted: Tue Apr 6, 2021 10:54pm

StevieP wrote on Mon Apr 5, 2021 2:28pm:

I have a Civil Service Pension and have heard that I will be taxed on that in Spain, however because it’s a Civil Service Pension I’ve also heard that if you reside in Spain you are taxed in Spain, however won’t be double taxed by the UK due to some agreement between both countries? Can any...

...one confirm if this is the case or where I can obtain further information on this subject matter?

Civil service pay tax to UK only 

rds1234

Posted: Wed Apr 7, 2021 10:01am

Posts: 102

8 helpful points

Location: Villamartin

Joined: 16 Feb 2021

Posted: Wed Apr 7, 2021 10:01am

If I civil servant pension and a civil servant disability pension both tax paid at source, and a state pension.

Do I not declare the civil pensions and only pay tax on the state pension.

Rolyat01

Posted: Wed Apr 7, 2021 5:34pm

Posts: 43

18 helpful points

Joined: 23 May 2020

Posted: Wed Apr 7, 2021 5:34pm

rds1234 wrote on Wed Apr 7, 2021 10:01am:

If I civil servant pension and a civil servant disability pension both tax paid at source, and a state pension.

Do I not declare the civil pensions and only pay tax on the state pension.

Tax on state pension only 

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