Declaring worldwide assets to Hacienda
#1081
Forum Regular
Joined: Jul 2012
Posts: 37
Re: Declaring worldwide assets to Hacienda
Yes exactly
And remember that Cameron and Rajoy recently announced that the two countries would be swapping information with each other to help catch tax cheats
I underplayed the new legislation previously, but after talking to my sister-in-law I am now very much taking it seriously
Re capital gains tax for the over 65s, the law is different. I'm not sure what it is because I have nearly 35 years to go yet
And remember that Cameron and Rajoy recently announced that the two countries would be swapping information with each other to help catch tax cheats
I underplayed the new legislation previously, but after talking to my sister-in-law I am now very much taking it seriously
Re capital gains tax for the over 65s, the law is different. I'm not sure what it is because I have nearly 35 years to go yet
https://www.gov.uk/government/news/n...at-tax-evasion
If they follow the route that they took with Switzerland, they will allow a short amnesty period after the deadline passes, with adverts in the press, news items etc., then just start reeling them in.
Last edited by uk1357; Apr 30th 2013 at 5:29 pm.
#1082
BE Enthusiast
Joined: Apr 2007
Posts: 985
Re: Declaring worldwide assets to Hacienda
Someone sent me a link to this: 'People fear a Cyprus-style grab': Expat exodus from Spain as deadline for Britons to declare property and savings at home arrives (Mind you, we are talking the Daily Mail here)
#1083
BE Enthusiast
Joined: Apr 2013
Location: Here and there
Posts: 378
Re: Declaring worldwide assets to Hacienda
The ratings on the readers comments tell what people really think about this so called asset ' declaration' and the overall impact ie less people bothering to be tax resident in Spain ergo less money for Spain. You just need to click on the ' best rated' category and see the numbers. What an own goal they have scored here.
#1084
Re: Declaring worldwide assets to Hacienda
Considering the lengths the Spanish govt in their extreme desperation are now prepared to go to, in order to reel in some easy cash, I would consider that all bets are off from now on and I wouldn't rule out any sort of grab or legalised theft, be it money, property or any other assets.
Having seen Cyprus get away with it will simply encourage them to follow suit or else use whatever extreme tactics they believe can get away with by altering the laws to suit themselves and merrily fill their own coffers by robbing folk blind as they continue to move the goalposts whenever they wish.
Anyone now thinking of moving here on a permanent basis would be well advised to think again, unless they have absolutely nothing at all to risk or lose.
I would hope that the recent actions of the Spanish govt are widely publicised in the UK media and everywhere else possible, as a firm and clear warning.
Having seen Cyprus get away with it will simply encourage them to follow suit or else use whatever extreme tactics they believe can get away with by altering the laws to suit themselves and merrily fill their own coffers by robbing folk blind as they continue to move the goalposts whenever they wish.
Anyone now thinking of moving here on a permanent basis would be well advised to think again, unless they have absolutely nothing at all to risk or lose.
I would hope that the recent actions of the Spanish govt are widely publicised in the UK media and everywhere else possible, as a firm and clear warning.
#1085
Forum Regular
Joined: Sep 2012
Posts: 246
Re: Declaring worldwide assets to Hacienda
The wealth in latin countries have always kept their money offshore to protect it from continual devaluation and the occasional bankruptcy. This is not fraud, it is commonsense.
Anyway where is Fred? We can concentrate on the penalties now.
Anyway where is Fred? We can concentrate on the penalties now.
#1086
Banned
Thread Starter
Joined: Apr 2008
Posts: 3,081
Re: Declaring worldwide assets to Hacienda
Considering the lengths the Spanish govt in their extreme desperation are now prepared to go to, in order to reel in some easy cash, I would consider that all bets are off from now on and I wouldn't rule out any sort of grab or legalised theft, be it money, property or any other assets.
Having seen Cyprus get away with it will simply encourage them to follow suit or else use whatever extreme tactics they believe can get away with by altering the laws to suit themselves and merrily fill their own coffers by robbing folk blind as they continue to move the goalposts whenever they wish.
Anyone now thinking of moving here on a permanent basis would be well advised to think again, unless they have absolutely nothing at all to risk or lose.
I would hope that the recent actions of the Spanish govt are widely publicised in the UK media and everywhere else possible, as a firm and clear warning.
Having seen Cyprus get away with it will simply encourage them to follow suit or else use whatever extreme tactics they believe can get away with by altering the laws to suit themselves and merrily fill their own coffers by robbing folk blind as they continue to move the goalposts whenever they wish.
Anyone now thinking of moving here on a permanent basis would be well advised to think again, unless they have absolutely nothing at all to risk or lose.
I would hope that the recent actions of the Spanish govt are widely publicised in the UK media and everywhere else possible, as a firm and clear warning.
There are still people posting on various sites, asking about how much tax they will have to pay on properties/rentals in the UK.
Why would anyone risk it, the best idea (apart from not becoming resident) would be to wait and see.
Older people with assets should think long and hard, as they could end up paying inheritance tax (if one of the couple dies) on their UK home that they have had for donkeys years.
Last edited by me me; May 1st 2013 at 7:20 am.
#1087
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Declaring worldwide assets to Hacienda
Again my sister-in-law says that with the new exchange of information laws then all hacienda will need to do is type in your NIE or passport number to see all bank accounts and assets that you hold across the world
#1088
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Joined: Apr 2008
Posts: 3,081
Re: Declaring worldwide assets to Hacienda
If you "wait and see" i.e. dont declare your overseas assets to hacienda - and then they catch you, then they can fine you 10,000 euros and take up to 100% of the asset
Again my sister-in-law says that with the new exchange of information laws then all hacienda will need to do is type in your NIE or passport number to see all bank accounts and assets that you hold across the world
Again my sister-in-law says that with the new exchange of information laws then all hacienda will need to do is type in your NIE or passport number to see all bank accounts and assets that you hold across the world
My comment was made to another poster (DDastardly) and we were talking about people who were thinking of moving to Spain, if you care to read properly, and not just form your own wrong conclusions.
I did not say don´t declare your assets, that ship has already sailed, the deadline passed yesterday, in case you did not know, I did.
So anyone who has not declared is already at the risk of the fine.
I said wait and see, because surely by the end of 2013 there will be some announcement made as to what they will do with the information already gathered.
If they go along the same lines as the Italians, then it would be totally reckless for an older person to put their assets at risk, just read the horror stories on the threads to see that people are at their wits end.
Last edited by me me; May 1st 2013 at 8:26 am.
#1089
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Declaring worldwide assets to Hacienda
It is the way of the world that every person or company tries to get away with paying as little tax as possible
#1090
BE Enthusiast
Joined: Nov 2010
Posts: 377
Re: Declaring worldwide assets to Hacienda
This is what I mean when I say the implicit knowledge of the state, because if your lawyer advises you to ignore it, you assume it's okay.
#1092
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 5,635
Re: Declaring worldwide assets to Hacienda
That link may well be as said from the Daily Mail but there is no denying some truth in what the article says. I was over recently and mentioned the declaration in conversation to some expat residents (I am non resident holiday home at this time and certainly until I see the dust settle over this matter). Most of them didn't know anything about it and those that did very little. I can assure you that some became very concerned and sought advise which they didn't like and got very confused. They were/are considering seriously their Resident status. But as we all know reality selling up and returning in the near term is not feasible.
As for some sort of grab like Cyprus did well that was the only way that Cyprus could appease the ECB/Germany to get the money they needed to survive so if Spain Italy or anywhere else needs more bailouts I would imagine they may well be treated in the same way. Hence why I now keep just enough in Spain to get by with my bills etc and remain Non resident until further notice. personally as others have said my opinion is Spain has done nothing to improve it's chances of shifting it glut of housing or encouraging overseas pensioners to reside there, who after all take little if anything out of the system but I would think help keep the local economy at least going.
As for some sort of grab like Cyprus did well that was the only way that Cyprus could appease the ECB/Germany to get the money they needed to survive so if Spain Italy or anywhere else needs more bailouts I would imagine they may well be treated in the same way. Hence why I now keep just enough in Spain to get by with my bills etc and remain Non resident until further notice. personally as others have said my opinion is Spain has done nothing to improve it's chances of shifting it glut of housing or encouraging overseas pensioners to reside there, who after all take little if anything out of the system but I would think help keep the local economy at least going.
#1093
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: Declaring worldwide assets to Hacienda
I always try to be a good citizen by paying DOUBLE my taxes, but they always put up stupid barriers. So now I just transfer huge amounts of money with no explanation to their bank account, and that seems to work. It is sure is expensive, but I feel a lot better about not being "criminal".
#1094
Re: Declaring worldwide assets to Hacienda
It's too late to do that.
If you were tax resident during 2012 then you have to make the declaration if your assets exceed 50k.
Rushing back to the UK now and claiming to no longer be resident does not mean that you don't have to make a declaration for 2012 and even if you lose tax residency status for 2013 then all the potential fines for non declaration in 2012 still apply.
If you were tax resident during 2012 then you have to make the declaration if your assets exceed 50k.
Rushing back to the UK now and claiming to no longer be resident does not mean that you don't have to make a declaration for 2012 and even if you lose tax residency status for 2013 then all the potential fines for non declaration in 2012 still apply.
#1095
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Thread Starter
Joined: Apr 2008
Posts: 3,081
Re: Declaring worldwide assets to Hacienda
It's too late to do that.
If you were tax resident during 2012 then you have to make the declaration if your assets exceed 50k.
Rushing back to the UK now and claiming to no longer be resident does not mean that you don't have to make a declaration for 2012 and even if you lose tax residency status for 2013 then all the potential fines for non declaration in 2012 still apply.
If you were tax resident during 2012 then you have to make the declaration if your assets exceed 50k.
Rushing back to the UK now and claiming to no longer be resident does not mean that you don't have to make a declaration for 2012 and even if you lose tax residency status for 2013 then all the potential fines for non declaration in 2012 still apply.
One couple have been in the UK on and off since the new they year, and are buying a house in the UK to live in before the summer.
They know that they have done the declaration 2012, but they are sure they will not have to make a residents declaration for the year ending 2013, which I presume is right.
So their new property will not have to be declared anyway.
As they are both of a certain age, they see it as the best way forward for them.