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British Expats (https://britishexpats.com/forum/)
-   Spain (https://britishexpats.com/forum/spain-75/)
-   -   Declaring assets/income (https://britishexpats.com/forum/spain-75/declaring-assets-income-822922/)

Neptuno Feb 2nd 2014 6:41 am
Re: Declaring assets/income
 
Originally Posted by Fred James (Post 11109471)
Just to avoid any confusion I should have pointed out that the 95% reduction only applies to a property which was the habitual residence of the deceased. It does not apply to property owned by non residents.
It's ok for you residents of Valencia and Andalucia! What can the residents of Murcia do but try and get out ASAP?

Kezar Feb 2nd 2014 6:58 am
Re: Declaring assets/income
 
Originally Posted by Fred James (Post 11109471)
Just to avoid any confusion I should have pointed out that the 95% reduction only applies to a property which was the habitual residence of the deceased. It does not apply to property owned by non residents.
does that mean the 90 day rule for residency or the 183 day rule for tax residency. I would guess the 90 day rule

Fred James Feb 2nd 2014 7:07 am
Re: Declaring assets/income
 
Originally Posted by Kezar (Post 11109503)
does that mean the 90 day rule for residency or the 183 day rule for tax residency. I would guess the 90 day rule

No, tax residency only. A habitual residence means just that. The 90 day rule could not apply.

To get the special regional rules requires 5 years of tax residency in that region.

The 90 day rule merely gives you the right to reside for more than 90 days - nothing more.

tebo53 Feb 2nd 2014 7:36 am
Re: Declaring assets/income
 
I've been following this thread very carefully.

Can someone tell me in very simplistic terms how it will affect me and OH living on the Costa Brava in rented accommodation and without any assets in the UK (property wise).

Living on smallish personal pensions, bank balance above 50K.:confused:

Thanks

Neptuno Feb 2nd 2014 8:12 am
Re: Declaring assets/income
 
If you are living in Spain over 183 days you will be tax resident and pay income tax in Spain
If your assets are outside Spain you will have to submit a 720 form. If you leave everything to your wife, she will pay IHT on those assets.depends on the regional allowances how much.if it is over the threshold , she will pay tax on the lot

Fred James Feb 2nd 2014 8:56 am
Re: Declaring assets/income
 
Originally Posted by tebo53 (Post 11109549)
I've been following this thread very carefully.

Can someone tell me in very simplistic terms how it will affect me and OH living on the Costa Brava in rented accommodation and without any assets in the UK (property wise).

Living on smallish personal pensions, bank balance above 50K.:confused:

Thanks
Asset declaration will not affect you but you will have to make an annual income tax declaration for your pensions etc. if you are tax resident.

Neptuno Feb 2nd 2014 9:03 am
Re: Declaring assets/income
 
Originally Posted by Fred James (Post 11109664)
Asset declaration will not affect you but you will have to make an annual income tax declaration for your pensions etc. if you are tax resident.
He said he didn't have assets of property in the UK but had over 50k in the bank.
If this is in the UK surely he would have to submit 720?

jimenato Feb 2nd 2014 9:14 am
Re: Declaring assets/income
 
Originally Posted by Neptuno (Post 11109673)
He said he didn't have assets of property in the UK but had over 50k in the bank.
If this is in the UK surely he would have to submit 720?
Yes, if the 50k in the bank is in the UK I'm sure it should be declared.

Fred James Feb 2nd 2014 9:15 am
Re: Declaring assets/income
 
Originally Posted by Neptuno (Post 11109673)
He said he didn't have assets of property in the UK but had over 50k in the bank.
If this is in the UK surely he would have to submit 720?

Yes, I missed that and he would have to declare the bank balances.

tebo53 Feb 2nd 2014 9:23 am
Re: Declaring assets/income
 
Thanks all, that clears things up for me:)

me me Feb 2nd 2014 10:25 pm
Re: Declaring assets/income
 
If it is only a bit over 50k in the bank it would be a good time to go on a spree or draw out cash to keep it under the amount.

Better to have 5k in cash and 49k in the bank than to have 54k in the bank.:)

CapnBilly Feb 2nd 2014 11:18 pm
Re: Declaring assets/income
 
Originally Posted by me me (Post 11110518)
If it is only a bit over 50k in the bank it would be a good time to go on a spree or draw out cash to keep it under the amount.

Better to have 5k in cash and 49k in the bank than to have 54k in the bank.:)
If you decide to do that, don't forget that the €50k applies to the average balance for the last quarter of the year, not just the balance at the 32st December

Neptuno Feb 3rd 2014 1:02 am
Re: Declaring assets/income
 
Originally Posted by CapnBilly (Post 11110584)
If you decide to do that, don't forget that the €50k applies to the average balance for the last quarter of the year, not just the balance at the 32st December
When did Spain add an extra day to December?

me me Feb 3rd 2014 3:35 am
Re: Declaring assets/income
 
Originally Posted by Neptuno (Post 11110732)
When did Spain add an extra day to December?
It is a new European ruling. It is to save money through people having hangovers from New years eve.

It has replaced Jan 1. The New year will start on 2nd Jan. The pub trade are up in arms about it, you can't blame them really.

jimenato Feb 3rd 2014 3:48 am
Re: Declaring assets/income
 
:rofl::rofl:


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