Comparing Gestor Prices for form 720
 

Hello All,

Happy Easter.

Like many of you I've been gathering information for my Gestor to file my form 720 with the tax demons. This is the first one I've ever filed as I've not lived in Spain that long.

I have an account with an online stock broker and own just over 100 different shares (modest amounts of money in each). So I filled in all the details in a spreadsheet for the Gestor and was just shocked to find out they are going to charge me 12,50 to file the information on each of those shares (so over 1200 euros to file that form plus VAT). I assume it is just an upload of the form as the spreadsheet was completed (by me) to very specific instructions. They did provide their billing details in advance but I did not draw the connection between the amount of individual shares I own and the charge listed on their paperwork (its actually 25 euros per share for them to prepare the declaration, they've given me a discount).

Is this price level about normal or am I getting shafted here? It's too late to change anything for this year but I will at least be prepared better for next year and find an alternative Gestor if I am being overcharged this year.

Regards

Adam

Re: Comparing Gestor Prices for form 720
 

That seems very high. I paid mine a few years ago around 100 euros. Had premium bonds, savings, property etc. Not sure what they mean by filing each share? Did you speak in Spanish or English? Sometimes things get confused. I can understand that some forms will take longer than others to do hence a price difference but you should try and find out what is so time consuming about filing shares etc

Re: Comparing Gestor Prices for form 720
 

1) You have left it extremely late to think about resolving this as it has to be submitted by the 31st of March.
2) Yes you are being overcharged as quite some will give you a discount if there is a large number of shares.
3) At this time if you have someone that can complete the submission by the above date, there you are rapidly running out of time and it appears you have few more options. I suggest you google firms who can do the 720 for you and get on the phone to get quotes... Also we are approaching easter week and school holidays and some people might be taking all next week off.... Best you resolve this asap! This year you might just have to bite the bullet and pay what you have already been quoted.

Re: Comparing Gestor Prices for form 720
 

Thanks for the feedback. Yes I'm aware the deadline is almost here so I will indeed have to bite the bullet this time as the work is 90% done. Now I just need them to get their heads around the fact that I own Bitcoin and it does not have a physical address in or outside of Spain. They'll probably bill me for the hourly rate to research how to deal with that.

They are nice people, very helpful and responsive but I'll be looking for alternatives now as I dislike being gouged in the short term when I intended to use them for a number of other things in the future.

Ah well, live and learn.

Re: Comparing Gestor Prices for form 720
 

I had to put 110 lines of information in a spreadsheet for each of the shares I own. Date bought, amount owned, value, company name, share ISIN number, address of company...what a total PITA. But I did all this work, not them. So to submit this information they charge 25 euros PER set of information but they've given me a 50% discount. Basically those 110 lines in a spreadsheet I completed are going to cost me 12,50 each to "process".

Next year I will see everything on Dec 30 and rebuy it on Jan 2nd and just declare the cash on account at the Stock Broker, it would be cheaper to do that :)

Re: Comparing Gestor Prices for form 720
 

When I first wanted to declare a UK property, a Gestor quoted me a minimum of 400€ and insisted he would need to see the deeds of the property. I finally did it myself online and it is relatively simple and fast. This year it took me 10 minutes.

Declaring shares is more time-consuming but it isn't rocket science. This You-Tube clip shows you how to do it. It's in Spanish but you will see what is involved and it's just a case of entering numbers in boxes.

Re: Comparing Gestor Prices for form 720
 

You might find that you have to declare shares that were bought and sold also during the year....

Re: Comparing Gestor Prices for form 720
 

I recommend that you get a draft of the 720 before they submit and review it...

There will be a cover sheet and thereafter there is one page of 720 for each share you hold. Most of the information is duplicated for all the shares.

What will differ is:

• 'Identificación de valores', which is the code for the shares and the SEDOL code for lolyds is 0870612, for example. If you hold shares in both a share account and an ISA you will need to add a suffix 0870612/ISA or 0870612/Share.
• Fecha de incorporación - date you bought the shares
• Valoración 1 - value on 31/12/20
• Número de valores - number of shares

Your UK stock trading firm will have given you a list of all the shares you held with them on the last day of the year. Whoever you use to do your 720 will use this information. I strongly recommend you check the information that is the end of year statement against what is in your 720 before it is submitted. Note also that any cash held on account in either the share or ISA accounts also need to be declared separately. If there is a mistake in the 720 declaration, you will pay the fine, not the gestor you are using.

Re: Comparing Gestor Prices for form 720
 

Many thanks.

Re: Comparing Gestor Prices for form 720
 

Thanks a lot for this.

Re: Comparing Gestor Prices for form 720
 

Talk of hourly rates suggests you're using a firm of solicitors as Gestors typically charge by the job not per hour.

Mine charged me €60 flat fee!

Re: Comparing Gestor Prices for form 720
 

Mine was just a shade under 400 euros for about 40 shares.

Re: Comparing Gestor Prices for form 720
 

Er, does the 720 have to be done every year? I though it was only necessary (after the first submission) if your assets had changed considerably.

Re: Comparing Gestor Prices for form 720
 

Er, the EU and Spanish are banging heads about the 720...

https://ec.europa.eu/commission/pres.../en/IP_19_2774

Meanwhile, you should ensure you submit it correctly as PER THE RULES, AND WITHOUT MISTAKES!!!

I am not going to explain the rules to you, but if required, you should submit it before the close of March.

Good Luck!

Re: Comparing Gestor Prices for form 720
 

Thaks for the link.

I submitted one last year and I'm sure I read on here that there's no requirement to submit it yearly, only when e.g. after selling a house etc. Is this correct?