Loco Pedro

Further correction - just found it under "Information Returns 2012/Form 720"

normaneddey

To 4857,Premium Bonds go in category 2,Securities,Holdings,Insurances etc..like the name implies they are government BONDS all be it they are a saving devices:ISAS I would say? are definate savings so would go in category one,I think that's correct,if anyone thinks diferent tell me.

4857

Thanks for reply normaneddy.I hope you are right. We have asked 3 different accountants here in Menorca and none of them are sure. They don't even know what ISA'S and Premium Bonds are.

Domino

I asked an abogado and a gestor what the import duty would be on my Uk registered car and got 3 different answers.
I went to the Hacienda and said this is your charge how much is it ? - and they gave me 2 different answers until the guy called in his mate and they agreed one of the figures was correct

With something so simple (an embedded calculation in the application form) how the FF do you expect to get a sensible answer on this matter ??

Patrick2976

If anyone has a Spanish compliant portfolio bond with SEB Ireland we have just had it confirmed that there is no requirement to declare under modelo 720 as the life office already includes the bond in their own reporting to Hacienda.
Here is the Q&A from Agencia Tributaria....

Si el obligado tributario sujeto a estas obligaciones de información de bienes y derechos en el extranjero es tomador de un seguro de vida contratado con una entidad aseguradora extranjera que opera en España en régimen de libre prestación de servicios, ¿existe obligación de presentar declaración informativa, Modelo 720, sobre dicho seguro de vida si se cumplen el resto de requisitos para estar obligado a declarar?

Respecto de los seguros de vida que el tomador haya contratado con entidades aseguradoras extranjeras que operen en España en régimen de libre presentación de servicios, no existe obligación de informar sobre los mismos en virtud del artículo 42 ter.3 del Reglamento General aprobado por el Real Decreto 1065/2007, de 27 de julio, siempre que, en cumplimiento de lo establecido en el artículo 39.3.a) del citado Reglamento General, el representante de dichas entidades aseguradoras proporcione a la Administración tributaria la información prevista en el mismo.

snikpoh

... well, not quite.

I have a Spanish Portfolio Bond with SEB (formerly Irish Life) and they have now been told that we do have to declare it. Yes hacienda know about it but not from me and I must declare it.

It's like saying that because of the reporting agreement between countries, there is no need to report anything because they will already know!

Also, my declaration will tie my NIE to my bond number. All hacienda have otherwise is my name (and not my NIE).

njf

I'm still not clear how you report a portfolio bond anyway (compliant or non-compliant). Do you just report the existence of the bond or do you have to report its constituent shares, which, of course, can change day by day?

Patrick2976

Yes you report the portfolio bond itself and its value at December 31st Dec 2012.

Patrick2976

I receved this information from SEB yesterday. If you want to pm me I can forward the email if you wish.

njf

A couple of people have mentioned the exchange rate to be used as at 31 December. The official rate can be found at the Bank of Spain and is £0.81610 to 1€, which I convert to 1.22534 €/£ using the same number of decimal places.

mikeglover

I dont have residency yet as i dont spend more than 182 days over here. However, what if, at some point in the future, hacienda challenge me to prove that i spent less than 183 days here a year. If i cant prove to their satisfaction (which i reckon would be nigh on impossible), would they then deem me to have been fiscally resident. Then, if i had assets in the uk (my house, say), would i get fined for not making the asset declaration by end April 2013. Is there a mechanism for non residents to make the declaration just in case hacianda backtrack and decide that someone was, in fact, tax resident for the last couple of years?

Patrick2976

It's not just the amount of days you spend in Spain that dictate your residency - in your case the more ties you have to the UK the better (house/family/work, etc..). Someone could arguably spend more than 182 days in Spain but have sufficient ties with an other country (and not so many with Spain) so as to be resident for tax purposes elsewhere. To be sure I would go see a professional tax consultant...

snikpoh

Wow! are you saying that things have changed that much?

It used to be the case that after 182 days, you were automatically considered tax resident - no exceptions!

You are now stating that this is no longer the case and that it is now more subjective - what a farce. Doesn't this simply open the door to people arguing that they need not declare in Spain as they don't meet these 'new' rules?

londonbee

Also worth checking UK residency rules update. Says that residency now becomes an option after 90 days (on average annually) over the last 4 years.

This means quite a few expats will have both jurisdictions claiming residency.

lynnxa

'residency' & 'tax residency' aren't the same thing though, are they


as far as the payment of tax is concerned , because of the agreement between the UK & Spain, one is offset against the other, so you don't pay twice, as I'm sure you know