Fred James

But if you have another 20k of assets in the same section you would have to declare them as it is the total value in each section that must not exceed 50k.

Mitzyboy

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losviv

Form 720 annuities!

Has anyone been brave enough to have already submitted their form with information (values) about annuities or have taken the view that they do not need to be supplied?

With the many different interpretations of what maybe required on the many comment sites and from professionals, no one seems totally sure what is needed!

There are many forms of UK annuities but it seems to me that for the Spanish tax authorities, there is only one way to calculate info. for an annuity i.e. all types are treated the same! Is this correct?

With time ticking on towards the deadline is there any consensus to what may or may not be required?

Rosemary

As Concierge for the Spanish section of BE I would like to say hello and welcome.

BE is a very large expat website, so if you have problems finding your way around we have concierges who will try to direct you. The moderators for the Spanish forums are Mitzyboy and Fred James, moderators are there to ensure that the site runs smoothly within the rules of BE. Problems and complaints should always be addressed to a moderador who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are friendly and helpful with a wealth of knowledge of the issues of living in Spain. At the top of the page you will find a quirkily named thread called Free Beer which is full of important and useful information. Hope you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

swinbc

I have spoken with my Annuity supplier and they confirm that the Asset has a zero Value to me and sent me a supporting letter to this effect.
With an Annuity in the UK once you are in receipt of an annuity then you have no access nor have any right the capital which is now owned by the Annuity provider. Therefore we can not be taxed on what we do not own any more only on the payments we receive. Surely even the Spanish Tax office have to bow to common sense on this one!! Seems like Annuities are different in Spain and the owner still has access to the capital.

Domino

sounds like Cloud Cuckoo Land

CapnBilly

CapnBilly

I think you need to take some professional advice before not declaring your annuity. Whilst you are right about the value, the Spanish have a formula for calculating the value. I won't repeat where o find it or how to calculate it, as Fred posted it the other day. Just look through the thread.

Whilst there is a lot of uncertainty regarding pensions and other things, the one thing that everyone is agree on, is that you must declare annuities.

Fred James

Annuities definitely have to be declared.

I explained the value calculation earlier here

http://britishexpats.com/forum/showp...&postcount=337

losviv

Simple then, everyone that has an annuity (or annuities) with a value of over 50,000 euros needs to declare using the formula in the thread.

This looks like that it will apply to many thousands of expats and not only from the UK!

Domino

Me thinks the Hacienda is going to be flooded with filings from expats and not alot from the Spanish.
Perhaps that is what this was really all about.

Mitzyboy

Noooooo .. your surely not suggesting that a desperate government in need of cash would take the easy route are you???

cricketman

Given that an estimated two thirds of British people are resident illegally in Spain i.e. not declared their residence or submitting tax returns then it wouldnt be such an easy route!

losviv

Well it would be nice if the so-called professional experts could tell people what is necessary and how to calculate it correctly. I am slightly confused with the method and how the sliding scale applies.
Many people can and probably will be caught out by this!

Lenox

One group of people who own stuff abroad and won't like paying taxes on it, when it dawns on them, will be the Spanish MEPs and their staff in Brussels. Perhaps they are the ones to protest to.