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To register or not to register?
Discuss your questions about the EU and Brexit and what it means for Quesada and Spain
Re: To register or not to register?
by marcliff » Wed Sep 20, 2017 6:51 pm
Pete31 wrote:Ok so if say I had over the amount specified will I get taxed? And is this tax a large amount? Just finding out if it will be worth it or not. Cheers folks.
You don't get taxed on any assets. You would be taxed on any income from it, though. For example, renting out a house and you declare it's worth £200,000. You don't get charged on the 200k but you need to declare the rental income and, if you've paid tax on it in UK, you won't get taxed here.
Or savings income. If you have a few hundred grand in savings you won't pay tax on that but would have to declare the interest to be taxed here (you shouldn't pay tax on it in UK if you are resident here).
If you have lots of assets there is a wealth tax. However, this is €700,000 per person plus a €300,000 allowance if you are resident against your main home which is doubled if you are a couple. Therefore, you'd have to have a house worth over €600,000 and assets for €1,400,000 before it kicks in and can be from 0.2%.
Edited to add. If you have assets over €50,000 and don't declare it then the fines can be huge. I read in one of the Spanish papers that a Spaniard had over €300,000 in another country and didn't declare it. The fine came to more than the actual assets. Since EU countries (including UK) have been sharing tax and banking details since May this year there's probably no hiding place.
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marcliff - Posts: 9694
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Re: To register or not to register?
by jpeg » Thu Sep 21, 2017 9:51 am
UK banks and Building societies are now sending a form to all non uk clients asking for details of your TIN number issued by the Spanish Tax Office as they have to comply with tax sharing information treaties . I received mine today from HSBC it must be returned within 40 days
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Re: To register or not to register?
by marcliff » Thu Sep 21, 2017 10:28 am
The OH got one as well (I haven't had one, though). It asked for "a copy of the passport issued by the country you now claim residency in". Well, sent a copy of the residency card and had to get it certified by the bank.
(And only had 30 days in which to reply).
Edited: Spoke too soon. Just received mine in the post so another trip to the bank to explain it all again. As me and the OH have a joint account I can't see why they didn't send them both together.
(And only had 30 days in which to reply).
Edited: Spoke too soon. Just received mine in the post so another trip to the bank to explain it all again. As me and the OH have a joint account I can't see why they didn't send them both together.
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marcliff - Posts: 9694
- Joined: Sat Mar 03, 2012 4:41 pm
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Re: To register or not to register?
by Pete31 » Thu Sep 21, 2017 7:23 pm
gets more complicated by he minute better give all my money away that will do it, lol.
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Pete31 - Posts: 1623
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Re: To register or not to register?
by jpeg » Thu Sep 21, 2017 8:10 pm
shall I send my bank details when you give the money away
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Re: To register or not to register?
by Pete31 » Thu Sep 21, 2017 9:26 pm
jpeg wrote:shall I send my bank details when you give the money away
Haha ok give me your PIN number also.
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Pete31 - Posts: 1623
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Re: To register or not to register?
by mondo » Fri Sep 22, 2017 6:29 am
I think for some it comes as a bit of a shock seeing the total amount owed..
In the UK we PAYE so a bit each month for your pensions seems okay... and you doný tend to see the full amount..
But when you pay full tax in Spain it is all lumped together it can be scary... but remember you have not paid tax in the UK so it all more or less even itself out..and you are doing the right thing..
if you live in Spain you are using the police, the fire brigade, the roads, you are protected by the army.. etc etc... so if you live in Spain, perhaps you should pay your taxes in Spain... it is only right isn´t it?
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In the UK we PAYE so a bit each month for your pensions seems okay... and you doný tend to see the full amount..
But when you pay full tax in Spain it is all lumped together it can be scary... but remember you have not paid tax in the UK so it all more or less even itself out..and you are doing the right thing..
if you live in Spain you are using the police, the fire brigade, the roads, you are protected by the army.. etc etc... so if you live in Spain, perhaps you should pay your taxes in Spain... it is only right isn´t it?
.
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Re: To register or not to register?
by Pete31 » Fri Sep 22, 2017 8:59 am
mondo wrote:I think for some it comes as a bit of a shock seeing the total amount owed..
In the UK we PAYE so a bit each month for your pensions seems okay... and you doný tend to see the full amount..
But when you pay full tax in Spain it is all lumped together it can be scary... but remember you have not paid tax in the UK so it all more or less even itself out..and you are doing the right thing..
if you live in Spain you are using the police, the fire brigade, the roads, you are protected by the army.. etc etc... so if you live in Spain, perhaps you should pay your taxes in Spain... it is only right isn´t it?
.
Yes Mondo it is you are very right in what you say, I have been in the UK for the last 4 months it's been very cold and damp I will be returning back to Spain this October for the heat and sun, so this is why I am thinking about taking up residency in Spain I have had my apt there for 14 Years. But it's all about Brexit so let's see yea, great to have people that can help out ref theses matters thanks. Pete.
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Pete31 - Posts: 1623
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Re: To register or not to register?
by PeteKnight » Fri Sep 22, 2017 10:38 am
I don’t think Brexit should be a reason to move to Spain full time, unless the two governments can’t agree a reciprocal healthcare deal.
If Brexit does go ahead then I don’t think that much will change in real terms. The pound will dip further for a while, so any UK income will be worth less in Spain, but that’s no different if you’re a resident or not.
Pete.
If Brexit does go ahead then I don’t think that much will change in real terms. The pound will dip further for a while, so any UK income will be worth less in Spain, but that’s no different if you’re a resident or not.
Pete.
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Re: To register or not to register?
by Pete31 » Sun Sep 24, 2017 5:53 pm
Ok Peter yes not a reason but I am still in The Uk and it's been bloody awful to say the lease. Cold wet windy just bad and we have both had sooooo many problems with the damp weather, as now pensioners and with myself having had a major motorcycle accident 20 years ago it's really hard to stay here.
When in Spain we do not have the problem so that's one of the main reasons we are both thinking about the move having had our home in Spain for the last 14 years we are both retired no ties in the UK, so we are having the best of both worlds!
Thanks for your input.
When in Spain we do not have the problem so that's one of the main reasons we are both thinking about the move having had our home in Spain for the last 14 years we are both retired no ties in the UK, so we are having the best of both worlds!
Thanks for your input.
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Pete31 - Posts: 1623
- Joined: Mon Oct 12, 2015 1:54 pm
- Which part of Spain are you from?: Entra Naranjos
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