Fleagle

I have just taken over the running of an apartment we have in Mallorca from my father in law who has looked after it for 30 plus years. The property is co-owned by a number of owners under a dormant limited company registered in the UK.

I am concerned that after reading a few posts that we may not be paying the correct taxes ie Modelo 210 or other taxes so any advice would be useful.

We do have an agent in Mallorca who looks after all our other requirements ie local taxes, utility bills etc however my concern is the lack of any payment of taxes that we may need to pay.

Any guidance would be appreciated.

agree_to_disagree

Not to do with taxes but if the property is held within a UK registered limited company then and the value was more than 50 euros per person/share then you would have had to have done a modelo 720 declaration, at least once.

Rosemary

Not 50 euros but 50 thousand.

Rosemary

Lynn R

Surely if the owners, whether individuals or a UK registered limited company, are non residents (and I gather they are as the OP refers to Modelo 210) then the Modelo 720 would not be relevant, as that applies to those tax resident in Spain who hold assets outside of Spain which exceed €50k in any asset class?

agree_to_disagree

If the OP is not tax resident in Spain, then the 720 does not apply.

Fleagle

None of the owners are resident in Spain, The maximum we use it is say 2 months per year per owner.

agree_to_disagree

You say that you have taken over the running of the property from your father in law but has there been any change in the number of owners of the property?

snikpoh

... also, was any inheritance or gift tax paid?

agree_to_disagree

I was trying to be sensitive about the way I framed the question but o well if you want to blurt it out....

Fleagle

No change in the number of owners however over the last few decades those owners have changed as shares in the company have been passed to family members or friends. No inheritance or gift tax involved as far as I am aware, although ignorance is not an excuse! Shares are of a nominal value that fall under the UK tax threshold and are not traded.

No need to be sensitive