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We now have our UK home rented out (so our UK insurance had to change accordingly).
The timing of our Spanish Residency means that we reconcile our tax in 2020. No doubt, we will learn a lot more during that process ...
Posted: Sat Nov 2, 2019 11:55am
Super helpful member
I understand, hope you got your residency with less than 183days left in the year. My hubby doesnt want to rent Uk home out, its sell and downsize staying non residents as now in 70,s or sellup and become spanish residents but we feel we,ve left it too late now. If we couldnt drive, we,d be stuck as our house is in the campo nearest neighbour 2kms away. We already rent a house out in Uk (but my son is disabled tenant so no worries with it). We fear we,d pay out more tax in Spain than keeping to 90day stays as non residents even allowing for maintaining both properties in services charges.
Good luck with your tax affairs next year.
Regards
Pauline.
Posted: Sat Nov 2, 2019 2:41pm
Super helpful member
Thanks. Next year will be financially painful.
Some neighbours were granted their Residency a few months before us, and hence their tax reconciliation is this year. A few months ago they had to pay their 2018 Spanish income tax upfront before claiming back their 18/19 UK income tax.
Ouch !
Its stories like that, that make us happy with our decision. I know we could time residency to avoid CGT on our house as we could stay with son until the time was right but old age services dont sound as good in Spain as in the Uk.
Pauline.
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