Patrimonio tax 2007?
Jan 26th 2012, 1:17 pm
#1
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Patrimonio tax 2007?
Our house was built in 2007, completed that November and we took possession on 21st of that month.
We completed residency registration early in 2008.
We are now being chased for a Patrimonio declaration for 2007 because we didn't complete one. As we were not tax resident for that year (not having been here 183 days) there are no allowances to offset the bill.
I have found a website giving the tax rates so I know what the bill should be for a whole year for a non-resident. Does anyone know if it will get pro-rated as we only had the house for 40 days?
I have an appointment with an advisor on Tuesday but knowing in advance would save me worrying all weekend.
We completed residency registration early in 2008.
We are now being chased for a Patrimonio declaration for 2007 because we didn't complete one. As we were not tax resident for that year (not having been here 183 days) there are no allowances to offset the bill.
I have found a website giving the tax rates so I know what the bill should be for a whole year for a non-resident. Does anyone know if it will get pro-rated as we only had the house for 40 days?
I have an appointment with an advisor on Tuesday but knowing in advance would save me worrying all weekend.
Jan 26th 2012, 1:41 pm
#2
Joined: Jun 2006
Location: Granada Costa
Posts: 10,902
Re: Patrimonio tax 2007?
Wealth tax is based on assets held on 31st December so I am afraid it will not be pro-rated.
Non residents imputed income tax is based on the theoretical income from letting so that clearly would be pro-rated.
Both these taxes are submitted at the same time.
Non residents imputed income tax is based on the theoretical income from letting so that clearly would be pro-rated.
Both these taxes are submitted at the same time.
Jan 26th 2012, 1:44 pm
#3
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Re: Patrimonio tax 2007?
Thanks Fred. I was afraid that would be the answer. Oh well, egg and chips for dinner then.
Jan 26th 2012, 3:01 pm
#4
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Re: Patrimonio tax 2007?
If you are a married couple, both jointly owning your main residence, then as I understand it, you have to have 'wealth' in excess of one million (ish) to be anywhere the level where you get to pay wealth tax.
Fred, can you confirm the figures or the calculation? (perhaps a link to a website that explains it?)
Fred, can you confirm the figures or the calculation? (perhaps a link to a website that explains it?)
Jan 26th 2012, 3:07 pm
#5
Joined: Jun 2006
Location: Granada Costa
Posts: 10,902
Re: Patrimonio tax 2007?
For a resident it may be much higher than that.
This site gives a good resume.
http://www.spanishpropertyinsight.co...ax-patrimonio/
This site gives a good resume.
http://www.spanishpropertyinsight.co...ax-patrimonio/
Jan 27th 2012, 8:39 am
#6
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Re: Patrimonio tax 2007?
The deductions for residents for the re-introduced tax last year are much higher than they used to be.
We certainly won't be liable for tax now. Unfortunately as we could not qualify as resident in 2007 (even though we were living here) we are liable for tax on the whole value of the property.
It leaves us with a large bill we can ill afford to pay and I'm more than slightly annoyed that our lawyer didn't tell us about it when we bought the house as we could have put the money aside.
This week our, less than five year old boiler broke down needing an expensive part. We had to have our septic tank emptied and Movistar stuffed us with 119e + tax for sending out an engineer to repair our ADSL in November. So between fighting with Movistar and chasing plumbers, I need to lie down in a darkened room.
Our Uk friends say 'What do you do all day? It must be like being on holiday'
We certainly won't be liable for tax now. Unfortunately as we could not qualify as resident in 2007 (even though we were living here) we are liable for tax on the whole value of the property.
It leaves us with a large bill we can ill afford to pay and I'm more than slightly annoyed that our lawyer didn't tell us about it when we bought the house as we could have put the money aside.
This week our, less than five year old boiler broke down needing an expensive part. We had to have our septic tank emptied and Movistar stuffed us with 119e + tax for sending out an engineer to repair our ADSL in November. So between fighting with Movistar and chasing plumbers, I need to lie down in a darkened room.
Our Uk friends say 'What do you do all day? It must be like being on holiday'
