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Declaring worldwide assets to Hacienda

Declaring worldwide assets to Hacienda

Old Feb 27th 2013, 2:47 pm
  #271  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by Mitzyboy View Post
Something that was bought up on another forum, and I'm not sure if it was covered here (aint got the time to trawl back), but it seems the value of your property in the UK is the acquisition value, not the current value! If that is true, then you could own a house in the Uk for 40 years and have paid, say, £40k for it ... when it is now worth £200K So under these rules you wouldnt have to declare it
Yes that's correct.

However you are also obliged to declare when an asset has been sold during the tax year and give the sale price.

Whether this applies to properties that did not previously need to be declared is not clear.
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Old Feb 27th 2013, 2:51 pm
  #272  
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Default Re: Declaring worldwide assets to Hacienda

Some Qrops are approved, great products and well priced. Others however are not approved, flimsy to say the least and have extortionate charges. Depends on who your dealing with whether you get the "best" option.

You do not have to take an annuity at retirement if you have transferred to Qrops. You can keep the money invested and take a regular drawdown. Thats one of the benefits !!!
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Old Feb 27th 2013, 2:55 pm
  #273  
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Default Re: Declaring worldwide assets to Hacienda

HMRC have investigated and continue to do so, thats why there is now a restriction on who we can use as a provider. Unless your not regulated of course then you can probably do what you like !

Whether your funds are secure or not is not down to the Qrops itself, that's down to the underlying investments which were "chosen" when you took it out.

Like i say if you meet the wrong adviser you might just get the wrong product !
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Old Feb 27th 2013, 4:32 pm
  #274  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by cmw6372 View Post
HMRC have investigated and continue to do so, thats why there is now a restriction on who we can use as a provider. Unless your not regulated of course then you can probably do what you like !

Whether your funds are secure or not is not down to the Qrops itself, that's down to the underlying investments which were "chosen" when you took it out.

Like i say if you meet the wrong adviser you might just get the wrong product !
And of course you never know if you have the wrong adviser or product until its too late!
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Old Feb 27th 2013, 4:39 pm
  #275  
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Default Re: Declaring worldwide assets to Hacienda

Correct !

all you can do is Research the organisation before you do anything or ask for a reference from a client. Plenty of forums around that will help..... Or ask me :-)
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Old Feb 27th 2013, 6:02 pm
  #276  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by cmw6372 View Post
No specific advice on final salary pensions, are you taking that now or is it "frozen" ? If you are taking it find out if it has a value that is attributed to you (a lump sum amount) , you may find that the value is actually in the company name as it is their "pension fund" and you are just the beneficiary of a monthly withdrawal ? Worth checking.........
I am drawing mine, and the fund is managed by the company ( or a pension administrator). The funds are managed by the trustees , and occasionally the company pumps money in to keep up with the ludicrous recent short term accounting standards.

So, I agree, my "right" is to a defined income, irrespective of the size of the fund. If there's not enough money to pay (all the present and future pensioners) the company pumps money's. If there is they can take a holiday.

Pretty standard final salary scheme ( not many left now though).
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Old Feb 27th 2013, 6:10 pm
  #277  
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Default Re: Declaring worldwide assets to Hacienda IBAN and BIC numbers required why?

IBAN and BIC numbers required why?,perhaps so they can get to your dosh if need be possibly? or for sure?,even if you do everything correctly?,i have no confidence in this new 720 modelo,but we have no choice do we we must comply!!
1/In the legal system here spain having been let down severely when i had done everything correctly in law the criminal neighbours won we lost after 6 years fighting courts,how why?,corruption who paid who?
2/The fairness? of a wealth tax with so many clauses and penalties to trip you up any which way but loose,BASICLLY YOU ARE DOING THEIR WORK FOR THEM HACIENDA AND GIVING THEM ALL THE INFO ON A PLATE SO THEY CAN SHAFT YOU and they know itthey have you then by the bol---cks either way you go now and for later on,i am wondering how many people genuinely like myself and many others who will comply and do everything correct pay a GESTOR pay to get legal advice blevin franks then pay again Gestor end june tax declaration we will still all get shafted.,we'll see.

I don't believe it is just a reporting of assets its deeper,has anyone on this site ever really thought that if the hacienda computer systems got HACKED and that is very possible!,that all the accounts/properties/shares/savings/account numbers,sort codes, ect ect and where they all are located could be in the hands of mafia or unscrupulous hackers out to cause havoc.

Sony,facebook,nasa,internet banking, all have been hacked so this does not give me any confidence in disclosing private information of a lifetime on the internet(no choice),remember lichenstein when someone sold all the private accounts to the tax authorities,nothing is sacred,and so we have it,no privacy anymore.

If this post seems angry it is because it meant to be!i have had to spend so much time and effort and phone calls and letters follow ups to get all this bullshit information together with quite alot of aggro to do the HACIENDAS work for them to make life easy for them and hard for us all and with financial costs involved pending,i pay my taxes in spain every year,but this burden does not encourage anyone to live here anymore beaurocracy was bad enough before now its NUTS!,came her to recover from very bad health,i was much much better,now this is just making me ill..
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Old Feb 27th 2013, 6:12 pm
  #278  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by Fred James View Post
Yes that's correct.

However you are also obliged to declare when an asset has been sold during the tax year and give the sale price.

Whether this applies to properties that did not previously need to be declared is not clear.
The way I read 54b.5, I think you only need to declare property that you have sold during the year, if it was declareable.
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Old Feb 27th 2013, 8:05 pm
  #279  
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Default Re: Declaring worldwide assets to Hacienda

Speak to a tax adviser. We understand that all property needs to be reported.

Big problem is nobody knows exactly what they want ! We get conflicting information constantly...... The danger is how things are interpreted and subsequently reported.

A definitive report is needed, hopefully one will come ???
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Old Feb 27th 2013, 8:27 pm
  #280  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by cmw6372 View Post
Speak to a tax adviser. We understand that all property needs to be reported.

Big problem is nobody knows exactly what they want ! We get conflicting information constantly...... The danger is how things are interpreted and subsequently reported.

A definitive report is needed, hopefully one will come ???
That's not what it says in 54b, and if you speak to a tax advisor you get different opinions on everything. At the end of the day it what the law requires, and whereas in some it requires interpretation, I would say 54b is pretty clear that you don't need to report where the acquisition value is under €50,0000, irrespective of the value now.

I would agree that it doesn't make sense, but that's not the issue. I would not be surprised if it was changed for next year.

As for a definitive report, this can only be provided by the Hacienda. Will it happen, probably not.
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Old Feb 28th 2013, 6:52 am
  #281  
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Default Re: Declaring worldwide assets to Hacienda

If, as we are asked to believe, there is no ulterior motive, then why not declare these assets anyway?

One has nothing to loose (given the caveat above).
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Old Feb 28th 2013, 7:09 am
  #282  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by snikpoh View Post
If, as we are asked to believe, there is no ulterior motive, then why not declare these assets anyway?

One has nothing to loose (given the caveat above).
Well, I always try to be a law abiding citizen, so if they want me to report all my assets I will, but they'll have to change the law first. I'll report what's required, nothing more, nothing less. Never volunteer information.
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Old Feb 28th 2013, 7:53 am
  #283  
 
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Default Re: Declaring worldwide assets to Hacienda

It seems that there would be as many variations/disagreements between advisors as there are advisors and that is just on the translation of the Ley letalone the guts of it and the format of the Modelo 720.

The only way we will ever know exactly what is required is to sit back and wait for the court cases that will (sorry - Spain, so may) set the standard.
Will any of us still be alive by then ??

Last edited by Domino; Feb 28th 2013 at 7:57 am.
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Old Feb 28th 2013, 9:48 am
  #284  
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Default Re: Declaring worldwide assets to Hacienda

I haven't gone through the whole thread but have to say everyone we have tried to contact to clarify the position for our clients has given a different opinion and our Gestor went into Hacienda to ask about QROPS and whether they needed to be declared and Hacienda look blank which is not particularly helpful. We have therefore decided as a firm to recommend to clients that they declare everything because the fines if you do not do so are horrendous. Please also note that the onus is on you and any advisor, accountant, etc bear no responsibility!
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Old Feb 28th 2013, 10:05 am
  #285  
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Default Re: Declaring worldwide assets to Hacienda

Originally Posted by SueG View Post
I haven't gone through the whole thread but have to say everyone we have tried to contact to clarify the position for our clients has given a different opinion and our Gestor went into Hacienda to ask about QROPS and whether they needed to be declared and Hacienda look blank which is not particularly helpful. We have therefore decided as a firm to recommend to clients that they declare everything because the fines if you do not do so are horrendous. Please also note that the onus is on you and any advisor, accountant, etc bear no responsibility!
It depends what you are asking about, some things are clear, some things are not clear, particularly if they are products which the Spanish are not familiar with. I'm not sure what declare everything means. Is that amounts under €50,000 as well. As for responsibility, well its the same in all tax regimes.

Just a point, have you actually read the law.

Last edited by CapnBilly; Feb 28th 2013 at 10:29 am.
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