Rate of exchange
Jul 14th 2015, 9:43 am
#1
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Joined: Aug 2014
Location: Kent
Posts: 126
Rate of exchange
There is a suggestion that the current rate of exchange in favour of the pound,might attract the attention of the Spanish Taxman as untaxed income.Is this likely,or possible?
Jul 14th 2015, 9:49 am
#2
Joined: Jun 2006
Location: Granada Costa
Posts: 10,902
Re: Rate of exchange
Any changes in the exchange rate on your UK income are taken into account when you declare your income.
If the rate stays where it is at the moment, you would pay significantly more tax next year.
As far as assets are concerned, you have to recalculate the Euro value every year anyway, and if the value increased by more than 20k then you would make a revised declaration on Form 720. The only way the increase could be deemed unearned income is if you failed to declare the increase.
If the rate stays where it is at the moment, you would pay significantly more tax next year.
As far as assets are concerned, you have to recalculate the Euro value every year anyway, and if the value increased by more than 20k then you would make a revised declaration on Form 720. The only way the increase could be deemed unearned income is if you failed to declare the increase.
Jul 14th 2015, 9:55 am
#3
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Joined: Aug 2014
Location: Kent
Posts: 126
Re: Rate of exchange
Thanks Fred.
