It's an impossible task, Fred. One of the earlier thread contained over 2.000 posts, conflicting ones at that. You couldn't answer individual ones, there wouldn't be time to.

As Mitzy pointed out more recently, an individual with significant assets in the UK is in an entirely different position to one who has moved over lock, stock and barrel.

The only advice I can ever give is to consult with the best tax lawyer you can find. I can't recommend a single one and I know several.

Who, in their right mind, would move all their assets to Spain, when they come to live here.
Remember Cyprus ?

There are bound to be conflicting posts, some will be correct, some not. Wherever possible, if I see something that is clearly wrong, then I try to point out the error and give the correct information, as will any other well informed members of which we have a fair number.

I think anyone who managed to read the whole of that thread right through to the end would, in the end have been given the correct information.

It wasn't necessarily the information Fred that caused the disagreement ... it was mainly just how people were interpreting what might or might not happen in the future from that information. As i said, it fell into the "haves and have nots" in general

I take your point on that Mitzy, but the sentence in HBG's post which I thought was suggesting that the forum contained incorrect advice was this.

"I've got to sadly say that some of the tax advice on this otherwise helpful forum is atrocious and will lead to serious financial loss if followed".

I took it in a more specific way than you did.

Would it be an idea if Fred and other finance gurus had a specific forum on finance and tax matters within this forum, so people didn't have to search through thousands of threads?

If we did do that, the 720 thread would have ended up there with just as many posts.

It would not achieve anything as we would just get the same posts in both forums which would be even more confusing.

If that happens the post on tax should be moved to the finance forum.

As I said, it wouldn't make the thread any shorter.

Anyway, it's not going to happen - we have enough sub forums already.

hola, this is a great idea! Fingers and toes crossed.
I still do not know how much many you can transfer into a spanish bank before being taxed! Maybe you dont on your savings. I have been told by Mitzy any lump sum on your pension will be taxed, treated as income. But heres one if, imagine, i sell my house for £400,000 in UK, and buy a villa for £200,000 in
Spain, where do i put the £200,000 is this treated as income? Do i keep it in UK or a bank in Spain? i
hope to live in Spain in a few years and have been researching since xmas i obviously need to work on my research hence the DUMB questions.
Any help on money issues is a bonus. I will be retired and 62 when the dream comes true.
By the way its bleedy freezing back here Hertford! There has been mention of a Ground Frost!!!! Honest".......
Thanks for all they advice so far Keith.

To answer your questions in turn.

Firstly, assuming you are tax resident in Spain,you can transfer as much money as you like to a Spanish bank. You only pay tax on income.

Savings are not taxed, but you pay tax on any income earned from them.

Lump sums from pension plans are taxable in Spain, but at a very reduced rate.

If you are tax resident in Spain when you sell your UK house, then you could be liable to Spanish CGT on any gain, but the money you reinvest in Spain will be deducted from the selling price in calculating the overall gain. You can do what you like with the 200k balance.

Timing is critical if you are thinking of moving. For example, ensure that you sell your house in the UK and take the lump sum BEFORE you become tax resident in Spain. You become tax resident once you spend more than 183 days in one calendar year in Spain and the tax residency is backdated to the start of that year.

Have I got this rite Fred/anyone?

Tax year in Spain Jan to Dec?

So,,,, Sell your house in November one year then move to Spain then next year then happy times no tax to pay?

If you sell your house in February and move to Spain in February because its the same tax year after 183 days in August you will be liable for tax on the difference of the cost price and sale price of your UK house?

Another scenario,,,, sell in November and move to Spain in November so you will become a tax resident 183 days later, would that mean no tax is owing as the property was sold the previous tax year and you were not a tax resident until the following tax year?

Hope that lot make sence

Well done - four out of four!

Hola, Big thank you to Fred and Cliff! Hope one day to buy you a beer. Great info i slept much better last night.
When i retire ,fingers x,at 62 and living in spain what is the ideal income/pension threshold to pay tax? I have NO problem paying tax on my savings but like everyone else you dont want to be seen mugging yourself and paying tax for the fun of it. Sad as it sounds i have countless books on the subject 'Retiring to Spain'
i hope you dont feel used, after all it is a forum, any recommendations on what to read just incase i have missed anything. I have just ordered a book by Blevins Frank? A so called money expert book???...... Such an anorak i am!
All the best you lucky people....
Cheers Keith.

You must be a good teacher Fred

Put how I put it its easy to understand, idiot proof really, thats how I came up with it

I feel the same as Keith, pay tax when its due put no no no if you can use common sense and avoid it.

Well thats the money for my house sale sorted, they wont be getting any of it.

Well,,,,,, indirectly they will because the money will be spent in Spain.