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Search: Posts Made By: Patrick2976
Showing results 1 to 25 of 224
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Forum: Spain
Sep 5th 2023, 12:03 pm
Replies: 24
Views: 2,697
Posted By Patrick2976

Re: Taxation of UK SIPP

Very interesting. So your local tax office is taking the stance that they won't recognise foreign pensions as pensions until your have reached Spanish state retirement age. In theory then (and I have...
Forum: Spain
Sep 4th 2023, 3:08 pm
Replies: 24
Views: 2,697
Posted By Patrick2976

Re: Taxation of UK SIPP

Some pension trustees (Trireme for one) have created a separate life company which holds a certain % of the pension in cash - creating an 'annuity' whereby they are duty bound in law to pay the...
Forum: Spain
Sep 4th 2023, 2:22 pm
Replies: 13
Views: 906
Posted By Patrick2976

Re: Spanish/ UK Will

You should have a Will in each country with a clause in the Spanish one stating you wish for your assets to be treated as they would in the UK (your 'home' country). This does not avoid Spanish taxes...
Forum: Spain
Sep 4th 2023, 2:03 pm
Replies: 3
Views: 595
Posted By Patrick2976

Re: Offshore UK Savings

You may find that transfers from financial institutions in those jurisdictions take longer or are delayed pending further investigation/questions from the bank. It depends which bank in Spain you...
Forum: Spain
Sep 4th 2023, 1:49 pm
Replies: 24
Views: 2,697
Posted By Patrick2976

Re: Taxation of UK SIPP

There is a difference between earned income and CGT or Savings tax. They are similar in the lower bands but the max savings tax rate is 28% whereas the max personal income tax rate is 47%.
Forum: Spain
Sep 4th 2023, 1:45 pm
Replies: 24
Views: 2,697
Posted By Patrick2976

Re: Taxation of UK SIPP

Be very careful when trying to use the temporary annuity process for QROPS income (which some do - and get away with) as this is definitely NOT an annuity, no matter what your accountant tells...
Forum: Spain
Sep 4th 2023, 1:36 pm
Replies: 11
Views: 1,142
Posted By Patrick2976

Re: UK passport online renewal for expats

Dutch friends of ours in Malaga HAVE to go in person to their embassy in Madrid for each family member's passport renewal (including children) with a lot of forms and documents. The UK international...
Forum: Spain
Dec 4th 2022, 10:54 am
Replies: 7
Views: 1,328
Posted By Patrick2976

Re: Wealth Tax. Important Change to the law.

Your first point is the correct one. Wealth tax is taken as a ´dip sample´ on each December 31st each year that you are tax resident in Spain. The national general allowance is €700K on your...
Forum: Spain
Jul 5th 2022, 6:58 am
Replies: 7
Views: 1,328
Posted By Patrick2976

Wealth Tax. Important Change to the law.

Law 12/2022, of June 30 2022, regulating pensions in Spain has now been passed into legislation. This modifies the Law approved by Royal Legislative Decree 1/2002, of November 29, by introducing the...
Forum: Spain
Jul 5th 2022, 6:44 am
Replies: 70
Views: 5,208
Posted By Patrick2976

Re: Spanish tax

Personal pension plans in the UK from life companies such as Aviva, Aegon etc will pay UK tax at source. If you are taking benefits as a Spanish resident and do nothing about this then you have to...
Forum: Spain
May 24th 2020, 12:44 pm
Replies: 29
Views: 3,500
Posted By Patrick2976

Re: Spanish wealth tax

Well each autonomous region has the choice to either follow the national rates or set their own rates. Madrid effectively have a zero rate as it has a 100% rebate. Other regions also have rebates for...
Forum: Spain
May 19th 2020, 10:07 am
Replies: 30
Views: 4,048
Posted By Patrick2976

Re: Goldcar Excess Deposit Question

I only used Goldcar once on a business trip to the north of Spain. I took several photos of the car at pick up and had the usual existing damage report their staff. I returned the car a day later and...
Forum: Spain
May 19th 2020, 9:47 am
Replies: 27
Views: 2,818
Posted By Patrick2976

Re: Considering Spanish residencia and finance questions

We use a company called Medi FiatC - I have found them over the years to be very reliable and relatively inexpensive.
Forum: Spain
May 12th 2020, 11:32 am
Replies: 27
Views: 2,818
Posted By Patrick2976

Re: Considering Spanish residencia and finance questions

Just to add that - should you become resident in the Canary Islands a 99.9% reduction for succession and gift tax now applies for children and spouses (group I & II beneficiaries). Each autonomous...
Forum: Spain
Apr 21st 2020, 10:13 am
Replies: 74
Views: 12,739
Posted By Patrick2976

Re: What does the post COVID19 future hold for us in Spain ?

I have a friend who is CEO for a large 4* hotel near Malaga. Always full in the summer months and open all year round. He tells me they are planning for not being open this year at all.
Forum: Spain
Apr 21st 2020, 9:14 am
Replies: 9
Views: 1,640
Posted By Patrick2976

Re: Tax on UK assets

Your SIPP is a pension and as such is not subject to Spanish tax on any year on year gains. Obviously you cannot access benefits until you are 55 and at that point drawdown will be taxed as income if...
Forum: Spain
Apr 21st 2020, 8:26 am
Replies: 12
Views: 1,064
Posted By Patrick2976

Re: Paying into SIPP/ISA

Aside from the payment of income tax issue, once you become a fiscal resident of Spain you are no longer entitled to tax relief from a UK ISA or a UK SIPP. You could set up a Spanish pension but keep...
Forum: Spain
Apr 21st 2020, 8:02 am
Replies: 23
Views: 2,451
Posted By Patrick2976

Re: help re: Staying over 90 days in Spain due to lockdown

The subject in questions is discussed in this article - although it does not give any definitive answers as it has not been officially addressed yet...
...
Forum: Spain
Apr 20th 2020, 4:15 pm
Replies: 41
Views: 4,150
Posted By Patrick2976

Re: moving to spain but worried about pension lump sum

A couple of points to be mindful of though:

1) Annuities in Spain tend to be personally 'bought' investments - unlike annuities in the UK which have usually been bought by pension funds which...
Forum: Spain
Apr 20th 2020, 1:27 pm
Replies: 29
Views: 3,500
Posted By Patrick2976

Re: Spanish wealth tax

Hi.

Pensions are not included in the wealth tax calculation - particularly where you are not at the age where you can take benefits. Depending on your level of income and how your portfolios are...
Forum: Spain
Apr 20th 2020, 11:54 am
Replies: 46
Views: 5,387
Posted By Patrick2976

Re: First steps after lockdown

It looks like Andalucia may lead the way with the lifting of restrictions as the death figures continue to fall......
Forum: Spain
Apr 20th 2020, 11:41 am
Replies: 15
Views: 1,529
Posted By Patrick2976

Re: Thank you in advance

If you're looking for areas with many British or other northern European communities then anywhere from Benalmadena to Estepona on the Costa del Sol will have plenty. That is west of Malaga though....
Forum: Spain
Feb 5th 2020, 4:03 pm
Replies: 3
Views: 951
Posted By Patrick2976

Re: A few questions about moving to Spain

Hi
Q1) Not my area of expertise
Q2) If you register as self employed - 'autonomo' - you are correct in thinking you must pay obligatory national insurance contributions. However there is an...
Forum: Spain
Feb 5th 2020, 3:09 pm
Replies: 13
Views: 970
Posted By Patrick2976

Re: Exchanging UK for Spanish driving licence DGT latest

I think the long wait comes when you try to get an appointment as an individual (at least that's what my gestor told me). It seems that doing it through a company is a lot quicker from all the...
Forum: Spain
Jun 13th 2019, 10:28 am
Replies: 15
Views: 2,447
Posted By Patrick2976

Re: Advice Needed

Agreed. That is why I suggested the places further inland which are less touristy but still within 30 mins of the coast. :-)
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