Declaring worldwide assets to Hacienda
#751
Just Joined
Joined: Nov 2012
Posts: 28
Re: Declaring worldwide assets to Hacienda
Let's hope the submission to the EU from the Mallorca lawyer comes to something!!
#752
Re: Declaring worldwide assets to Hacienda
It is 100% clear from the Hacienda guidance on how to fill in the form that it is the date of acquisition.
Also the relevant law states the following:-
2. La declaración informativa contendrá los siguientes datos:
a) Identificación del inmueble con especificación, sucinta, de su tipología, según se determine en la correspondiente orden ministerial.
b) Situación del inmueble: país o territorio en que se encuentre situado, localidad, calle y número.
c) Fecha de adquisición.
d) Valor de adquisición.
http://www.boe.es/diario_boe/txt.php...E-A-2012-14452
Articulo 54 bis 2.
These so called "professionals" are idiots and what's worse is that they are getting paid to submit the wrong information.
#753
Just Joined
Joined: Nov 2012
Posts: 28
Re: Declaring worldwide assets to Hacienda
They are wrong.
It is 100% clear from the Hacienda guidance on how to fill in the form that it is the date of acquisition.
Also the relevant law states the following:-
2. La declaración informativa contendrá los siguientes datos:
a) Identificación del inmueble con especificación, sucinta, de su tipología, según se determine en la correspondiente orden ministerial.
b) Situación del inmueble: país o territorio en que se encuentre situado, localidad, calle y número.
c) Fecha de adquisición.
d) Valor de adquisición.
http://www.boe.es/diario_boe/txt.php...E-A-2012-14452
Articulo 54 bis 2.
These so called "professionals" are idiots and what's worse is that they are getting paid to submit the wrong information.
It is 100% clear from the Hacienda guidance on how to fill in the form that it is the date of acquisition.
Also the relevant law states the following:-
2. La declaración informativa contendrá los siguientes datos:
a) Identificación del inmueble con especificación, sucinta, de su tipología, según se determine en la correspondiente orden ministerial.
b) Situación del inmueble: país o territorio en que se encuentre situado, localidad, calle y número.
c) Fecha de adquisición.
d) Valor de adquisición.
http://www.boe.es/diario_boe/txt.php...E-A-2012-14452
Articulo 54 bis 2.
These so called "professionals" are idiots and what's worse is that they are getting paid to submit the wrong information.
Well Fred....that's pretty definitive.....thanks for that.....not listening to any other wild claims on this one!!
#755
BE Enthusiast
Joined: Nov 2010
Posts: 377
Re: Declaring worldwide assets to Hacienda
You draw it down, subject to a limit. It was supposed to be limited to the amount you could generate from a standard annuity, but with 15 year gilts so low, this has been changed this year to 120%, after a lot of protests from the pensioner lobbys
#756
Re: Declaring worldwide assets to Hacienda
OK - I've got one of those but of course you can't claim the reduced tax rate that you would get if it was an annuity.
#757
Forum Regular
Joined: Dec 2011
Posts: 253
Re: Declaring worldwide assets to Hacienda
I agree as it means that you will now have to declare it again next year as its 'current' value will be more than 20% higher than when you first declared it. Also, they now have a base figure for any capital gains tax in the future. Do we also have to put the original purchase price of shares?
#758
Forum Regular
Joined: Dec 2011
Posts: 253
Re: Declaring worldwide assets to Hacienda
I had intended to sell 1 property in the UK before the end of the tax year ie April, and then sell another in May or June, that way the CGT allowance could have been claimed on both properties as sales were in 2 different tax years.
Now as I have no intention of selling the 2 properties in the same tax year, by Spains rekoning (Jan to Dec) I will wait untill the start of 2014 when I will no longer be a tax resident here.
Then the other property can be sold after April 5.
Now as I have no intention of selling the 2 properties in the same tax year, by Spains rekoning (Jan to Dec) I will wait untill the start of 2014 when I will no longer be a tax resident here.
Then the other property can be sold after April 5.
#759
Re: Declaring worldwide assets to Hacienda
I agree as it means that you will now have to declare it again next year as its 'current' value will be more than 20% higher than when you first declared it. Also, they now have a base figure for any capital gains tax in the future. Do we also have to put the original purchase price of shares?
With the exception of property, all assets are valued as at 31 December 2012.
#760
Forum Regular
Joined: Mar 2013
Posts: 46
Re: Declaring worldwide assets to Hacienda
I have been in IT for most of my working life and if the IT dept. had this sort of info. that has been supplied by the Hacienda, it would have taken many years to iron out what is actually required. Then to supply a system to be put in place that also had any chance of working correctly, who knows how long that would take, if it could work at all!!
However a few months for all of us to deliver what they want, thanks, we are all geniuses!
All the emphasis is put on the expats of all nationalities, with all the penalties involved for not complying with their instructions.
An absolute disgrace! (in my opinion)
However a few months for all of us to deliver what they want, thanks, we are all geniuses!
All the emphasis is put on the expats of all nationalities, with all the penalties involved for not complying with their instructions.
An absolute disgrace! (in my opinion)
#761
Re: Declaring worldwide assets to Hacienda
I have been in IT for most of my working life and if the IT dept. had this sort of info. that has been supplied by the Hacienda, it would have taken many years to iron out what is actually required. Then to supply a system to be put in place that also had any chance of working correctly, who knows how long that would take, if it could work at all!!
However a few months for all of us to deliver what they want, thanks, we are all geniuses!
All the emphasis is put on the expats of all nationalities, with all the penalties involved for not complying with their instructions.
An absolute disgrace! (in my opinion)
However a few months for all of us to deliver what they want, thanks, we are all geniuses!
All the emphasis is put on the expats of all nationalities, with all the penalties involved for not complying with their instructions.
An absolute disgrace! (in my opinion)
#762
Re: Declaring worldwide assets to Hacienda
No .... but I bet if you were able to take a percentage of Spanish nationals that had substantial assets abroad against Expats of all nationalities that had assets abroad, you would see an interesting ratio
#763
Forum Regular
Joined: Mar 2013
Posts: 46
Re: Declaring worldwide assets to Hacienda
I cannot think of many Spanish investing in a foreign annuity scheme!
#764
Re: Declaring worldwide assets to Hacienda
I have been in IT for most of my working life and if the IT dept. had this sort of info. that has been supplied by the Hacienda, it would have taken many years to iron out what is actually required. Then to supply a system to be put in place that also had any chance of working correctly, who knows how long that would take, if it could work at all!!
However a few months for all of us to deliver what they want, thanks, we are all geniuses!
All the emphasis is put on the expats of all nationalities, with all the penalties involved for not complying with their instructions.
An absolute disgrace! (in my opinion)
However a few months for all of us to deliver what they want, thanks, we are all geniuses!
All the emphasis is put on the expats of all nationalities, with all the penalties involved for not complying with their instructions.
An absolute disgrace! (in my opinion)
If there are problems with it they are not IT problems, they are problems with understanding how overseas assets are identified and understanding other countries pension schemes.
The actual definition of the Form 720 from an IT point of view is all here (all 28 pages of it):-
http://www.agenciatributaria.es/stat...modelo_720.pdf
#765
BE Enthusiast
Joined: Nov 2010
Posts: 377
Re: Declaring worldwide assets to Hacienda
As far as I recall they specced it, consulted for a month, and then built it in about two months. That is impressive, if it works well.