For future reference, does anyone know when declaring premium bond winnings where this is entered on the Renta?
A box reference number for 2023 declaration would be useful.

Thanks

i think it is lumped in with savings interest? as that is really what it is and spain has nothing similar. That said a gestor does my return i just give them the income amount.

No, according to Blevins Franks, it's added to general income.

Ok thanks Fred for clarfication

Savings. Did it for my son. There are different triggers for tax on general income compared with savings.

From the same source was my understanding too, general not savings income. Just wondering if it is actually entered on the Renta separately or rolled up.

I’m thinking it isn’t interest in the conventional sense, as Premium Bonds refer to prizes and winners.
Just shows how these non-Spanish financial items mean tax matters can be interpreted several ways and therefore taxed at different bands and rates.

When the big one comes in, I’ll need to get it right as a big difference between 28% and 47% !!

You can enter it where you want, but that doesn't mean it's correct. Whose advice did you get that it's classed as savings?

From Blevins Franks:

"Gains from bonds will be added to your general income for the year and taxed at the progressive rates of income tax."

No doubt there then!

The box number on my return is 0027 Interest on accounts, deposits and financial assets in general
Under the section on page 2 RENDIMIENTOS DEL CAPITAL MOBILIARIO A INTEGRAR EN LA BASE IMPONIBLE DEL AHORRO
But you are a little late to do it for 2023

No all good for 2023 - for future reference and tax planning and only mentioned 2023 so I could look in the Renta simulator.


However from here (August 2022)

https://www.blevinsfranks.com/how-uk...axed-in-spain/

“Gains from bonds will be added to your general income for the year and taxed at the progressive rates of income tax.”

Hence my original question where should they be declared?

If it is general income, you just include it in your earned income and put it all in box 0003

My wife phoned hacienda( speaks Spanish and does 100s for various Swedish clientes) a while ago and explained what premium bonds are as they are not bonds as Spain thinks. You aren't selling them. Anyway she says it is savings

Fair enough - I’ll cross that bridge as and when.

i dont see how cashing them in would make any difference? You dont sell them there's no profit other than any winnings that you have already declared and paid tax on? obviously if declared on 720 that would need amending but surely that would be it?

Premium bonds dont exist here. They are not actually 'bonds' but are not savings either.
In fact they are in effect a continuous lottery and we should be happy that the Spanish system does not recognise them as this or there would be a flat 40% tax on any winnings...

It was explained to me by the accountant who does our returns, he is fully Spanish but spent time in the Uk as an accountant and then when he returned home he setup a business to assist foreigners. The staff is made up of tax specialists from six different European countries.

Anyhow. The 'winnings' from premium bonds are a form of interest as the payments are paid out from the interest gained by the total pot of money. Therefore they are taxed as interest not earnings and cannot be.
When you cash them in you are just removing savings from an account and dont pay tax on this.

You would only file a 720 if you had 50k and yes you would amend this but only if it changed by I think 20k one way or the other.