As I mentioned elsewhere, I have to complete the modelo 720 for the first time next year because in July I opened a savings account in the UK with the equivalent of over 50,000 euros.

My understanding is that I therefore have to declare all my other bank accounts in the UK too, regardless of how much there is in each one (a current account at the same bank as the savings account and a Wise account, both with a small amount). And the details needed for each account are name of bank, address, numbers, amounts and opening/closing dates? Is that right or is there anything else. I also understand that future a 720 is only needed if the amount rises by 20,000 euros or if I close an account or open a new one…

One doubt:I’m closing an old account in the next few weeks as I’ve emptied it (it had around 4,000 pounds in it until about June 2024). So should I include that anyway, or only what is actually open on 31 December?

I will ask my gestor to file the 720 when the time comes, but just want some idea of what is involved beforehand from anyone who has done this.
Thanks

I did my first one this year. You are correct in saying that you need to include details of all the accounts you hold. In addition to the information you have mentioned, the return also asks for the average balance in the account between 1 October and 31 December. I don't think you would need to include an account that you have closed before 31 December as this will be your first return, but in the future if you open a new account or close one, as you say that would mean submitting a new Modelo 720.

Thanks Lynn , very helpful...

If you hold stocks and/or shares, as you very probably will if you have a private pension scheme or a SIPP etc. then any sales or purchases within those wrappers will also have to be declared.

First submission for me this year too and agree as I was told only accounts existing 31st December on first time.

The opening of an account - last week my gestor said the same but the official docs show a worked example with a new account opening that didn’t exceed the €20000 increase limit describing no requirement for another submission. I’ll play safe and open account next year so I don’t fall foul of not declaring.


Are private pensions included on M720? S&S ISAs and GIA absolutely. Online docs say no for pensions “as long as the incidence that gives rise to the collection of the pension in temporary or lifetime income mode does not occur.”

Lots of conflicting advice online around SIPP and private pensions in Spain.

l was told that all private pensions had to be included as it was income.....
Pension Company names and contact details, start date, full annual income all need to be included.

Steve

But that would be in the second block and not included with bank accounts I assume? And only if it's above the 50.000 in that category?

I only have a tiny company pension from a scheme I was in for a few weeks or months way back in the 80s, which I'd forgotten about, a pot of just 2,900 pounds. So I take it no need to include that!...
I intend to cash it in asap. I think in UK you get 25% tax free. But not sure how that works in terms of declaring it here and not paying tax twice...

I had a small private pension (about 6k as I recall) and decided to take the whole amount in a lump sum to help fund the purchase of another property when I sold my first house here. Yes, for pension pots under 10k the first 25% is tax free in the UK, but not here. I declared the full amount as income here and reclaimed the tax deducted in the UK under the double taxation agreement.

Tax when you get a pension: What's tax-free - GOV.UK (www.gov.uk)

I still have a very small SIPP (under the €50k threshold for the Modelo 720) and don't take any income from it (it would just give me an even bigger tax bill so isn't really worth it) but leave it to grow. As no income is taken from it I wouldn't include it on my Modelo 720 even if it was over €50k.