Question Re 720
#1
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Question Re 720
Quick question re 720. I became resident from 8 January this year 2019. So will become fiscal (tax resident from July 2019. I thought I should declare for 720 by March 2020 and for tax by June 2020. However speaking with a gestor they say that I must declare for 720 by end of this March 2019?
#2
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Re: Question Re 720
Can anyone confirm for me that I only need to submit 720 after I have completed my 183 days which makes me tax resident?
#3
Re: Question Re 720
Bearing in mind that the asset declaration would be for assets held on 31 December 2018, when you were not resident, I cannot see any reason why you should declare your assets until March 2020 based on their value on 31 December 2019.
#4
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Re: Question Re 720
Agree with Fred. I don't think the gestor knows his stuff or he wants to make money from you. Time for a change?
#5
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Re: Question Re 720
Thanks for the comments which are exactly as I thought.
#6
Re: Question Re 720
Quick question re 720. I became resident from 8 January this year 2019. So will become fiscal (tax resident from July 2019. I thought I should declare for 720 by March 2020 and for tax by June 2020. However speaking with a gestor they say that I must declare for 720 by end of this March 2019?
#7
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Re: Question Re 720
Thanks Chris
#8
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Re: Question Re 720
If you cash in premium bonds that you declared on your 720 do you need to do another declaration when you cash them in and your wealth is less?
#11
Re: Question Re 720
From the guidance on the web, from various sources, the opinion seems to be that an increase of €20000 in one asset group has to be declared but a drop in value does not unless the asset is sold or becomes extinct.
#13
Re: Question Re 720
I would also be careful about the accountant you use. One mistake with the detail in the declaration can lead to significant problems with Hacienda who are rather unforgiving and quick to hand out heavy fines - a bilingual accountant used to dealing with Brits may be a good idea IMO.
#15
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Re: Question Re 720
Thanks for that it does clearly state for those that are fiscal residents not merely those that have obtained residencia.