swinbc

Could someone clarify if it is necessary to make a new or amend an existing declaration of the Model 720 if for instance an investment has matured and all the proceeds have been spent i.e not reinvested or increased cash balance in the bank.?
All the sites I have visited say to make a new declaration if a class of assets has increased by 20K Euros but cannot find any reference to notification of a removal of an asset?
Just seems wrong to have to pay for a gestor to amend or renew a Model 720 for something that is no longer in existence!

snikpoh

You need to make a declaration when the value (in any of the asset classes) changes by 10000€ (20k??)or more (up or down).

So in your case, the investment has reduced by at least 10/20k so you need to do a new declaration.


It's not just if they have increased, it's if they have decreased as well. (ISTR)

swinbc

where are you getting your info from? I have been unable to find any official ref to decreased being a requirement to 're submit, of course gestors will tell you different money money. 're 20k euro change up that is definitely correct ( not 10k) but can find no official ref to decreases

tebo53

I understand the figure to be 20k up or down. I closed two empty bank accounts and was advised that I had to declare on an updated modelo 720.

Steve

snikpoh

Just checked and it is 20k. My source is Blevins Franks on this.

Having just read this link, it seems I could be wrong about decreases.

http://www.agenciatributaria.es/AEAT...laracion.shtml

Mustard

If you look at it logically, Hacienda would be interested if an investment disappeared, as it must signify a sale and possibly incur a tax liability. If you've nothing to hide then best to update the 720 as these things tend to turn up down the road and bite you in the posterior.

As far as the practicalities, the 720 is not a difficult form to complete, and I imagine, easy to update as you should have a digital copy so you know which boxes to amend.

In my case, a gestor quoted a minimum of 250€ to complete the form to declare a UK property. He wanted me to produce the property deeds from the UK etc.etc. In the end it took me 30 minutes online.

If you don't fancy doing it yourself, don't be bamboozled by a Gestor claiming it is a complicated and expensive process.

chopera

I'm a bit out of date on the 720, but I seem to recall that it was just a declaration of assets and supposedly unrelated to tax calculations. Is that no longer the case? (if it ever really was)

Mustard

You're right in that it is only a declaration of assets aimed at:

1 Identifying large accounts in foreign banks and then asking where the money came from.

2 If you have a property or investment overseas and declare its sale on the 720 then hacienda can, in theory, cross-check to see if you've declared any gain on your tax return. Whether they do or not I don't know.

In both cases it seems the objective is to collect taxes.

johnbear1

I have been on the Agencia Tributaria website to apply for a digital signature which is required to use the online services and fill in the 720 form.I have been on it for 4 hours excluding tea breaks.It states 404 ERROR or sends me to a different page with no info that I can use.I am at a loss, so has anyone been successful or perhaps can help me in some way.

snikpoh

We had to apply for ours in person at our local prop (I'm in the province of Valencia) office.

spainrico

This I think answers your query

MODEL 720 : Declaration of assets and ownership

snikpoh

It doesn't actually help explain how to do it oneself though - which was the question

spainrico

The question was:

`When is it necessary to re declare a Modelo 720'

not how to do it.

You actually answered in your first post. Mine was too add a bit more background.

AEAT explain all in English here
https://www.agenciatributaria.gob.es...ion/GI34.shtml

bobd22

Is the first 720 submission submitted prior to the first tax submission?

lurchio

Yes, ours was in Andalucia.Had to be done before the December end of the financial year, notwithstanding that our first declaration of Renta for the same tax year was not due until the following June of the next year.