torvista

I have read this thread completely over a week or so but I don't think I saw these links mentioned which I have found useful/of interest.

About the details of the 720 form
http://taxform720.blogspot.com.es/

Background info from the government:
http://www.lamoncloa.gob.es/IDIOMAS/...ax_evasion.htm

losviv

After looking at this, where do final salary schemes fit in?

Patrick2976

A final salary pension is a defined benefit scheme.

Patrick2976

[QUOTE=uk1357;10669310]I am not sure about the Spanish tax authorities but HMRC certainly have a record of dates of birth (and a vast amount of other data too)

Whilst off-shore deposits usually have interest paid gross this must be declared to HMRC and interest paid (maybe this is not the case in Spain?)

Spanish compliant 'offshore' bonds have no income tax payable to the Hacienda on gains whilst the gains remain within the tax 'wrapper' offshore.

losviv

So you think that they should be declared?

Patrick2976

I'm not a tax expert but I understand that it depends to a degree whether or not you are taking any benefits from it (i.e. it's providing you with an income). I've heard differing opinions from spanish accountants and tax lawyers on UK pensions. That's half the problem.

losviv

Well after a few months we still do not know what the Hacienda really wants!

Can people who look at this forum please give us their idea on whether final salary schemes need reporting. If needed, it would also apply to Public sector final salary schemes that are taxed in the UK but would still be classed as an overseas asset!

Many thousands of us need to be talking from the same script!

snikpoh

These must definitely be declared to hacienda in the usual way - Spain is no different to UK in this regard.

CapnBilly

The blogspot link is interesting, but this person wrote some of the same stuff (word for word) on another forum over two weeks ago, on which you asked more or less the same question. This is the view of one person, and is very interesting.

Without wishing to repeat myself. I wrote (amongst other things) on that forum, and on this (and others) that Blevins are advising their clients that final salary pensions do not need to be reported. I think I would prefer to take the advice of an organisation with a pretty good reputation, than a blog by an unknown person.

You must either take professional advice or make a decision (only one more week to do that), I can't see the point at this stage of asking the same questions, that have been picked over so much, they're down to the bare bones.

Just to be clear, I have not reported mine.

Debrina

What about ISA's ?? Do these have to be declared?

jennieJ

Yes. There has been no ambiguity on this in the way there has been on other issues

Fred James

Yes, but remember that there are two types of ISA and they are declared in different categories.

Cash ISAs clearly come under bank accounts and Share ISAs under securities.

So, if you had a total of say 80K split evenly between a Cash ISA and a Share ISA they would not need to be declared.

Back to the final salary pension issue I will not be declaring mine.

My reading of the guidance that it only applies to pensions where they resulted from a cash payment - final salary schemes do not.

Also, if they did qualify then they would also qualify for the very reduced income tax deductions that apply to annuities and also the lower tax rates.

I can hardly see Hacienda agreeing to that - it would cost them millions in lost tax.

Mitzyboy

Just returned from gestor
Non residents tax paid and 030's completed
No Asset declaration was completed in this process

Spanish lulu

Been to make declaration today. On a nationwide one year bond i'm being asked to provide an ISIN for the bond. The nationwide have no idea what this is. Has anyone any ideas please.

Following on from this, tax guy also asked for the tax identifying number of the nationwide. The local branch in uk when visited again had no idea at all but happily the nationwide employee that i spoke to over the phone made enquiries and provided same to me. If anyone needs it and is having problems i can post on this site on request.

uk1357

ISIN is an identification number given to securities, such as shares and commercial paper or bonds issued by companies. Assuming your Nationwide "bond" is actually a cash fixed deposit, it wont have an ISIN (the only way it would is if it is a marketable security issued by the Nationwide that can be traded on the bond markets). The confusion is in the name "bond"...my guess is that you actually have a one year "cash" fixed deposit.