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Finances
Finances
by John Creasey » Fri May 05, 2023 8:20 am
I am trying to find out if a pension pot payment is liable for tax if paid into a Spanish bank account. An initial tax payment and if it would be liable again every year.
- John Creasey
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Re: Finances
by Paul M » Fri May 05, 2023 9:32 am
I believe if you are a Spanish resident, then all your income (worldwide) is taxable in Spain, even if you don’t have it paid into a Spanish account. There are some exceptions such as a UK Crown pension
- Paul M
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Re: Finances
by Shiva » Fri May 05, 2023 10:34 am
Yes. if you are a Spanish Tax resident. Whether it is paid into a UK or Spanish Account is irrelevant, as Paul M said, you are taxed on your worldwide assets. The UK tax rules eg 25% tax free element of a UK pension lump sum are also not applicable. You need to declare all and pay on all at Spanish rates. It is possible if you are taking as lump sums it may be taxed at the savings/investment income rates rather than straight income rates ( which may be better, depending on your individual circumstances) but this would need to be checked out with an advisor here. Am assuming it is not a UK Government pension you are talking about, it is taxed in the UK.
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Re: Finances
by RJC » Sat May 06, 2023 5:29 am
It would be helpful to have recommendations as who to turn to for advice on all this.
Some thoughts !!!
Timing is a key consideration - that is pre (UK) or post Spain residency.
Also as to who to turn to for advice as how best to invest pension pots in Spain - from a growth perspective, fees charged and tax situation.
Who can one trust for sound advice? Is it SGM or or are we looking at a financial adviser?
Some thoughts !!!
Timing is a key consideration - that is pre (UK) or post Spain residency.
Also as to who to turn to for advice as how best to invest pension pots in Spain - from a growth perspective, fees charged and tax situation.
Who can one trust for sound advice? Is it SGM or or are we looking at a financial adviser?
-
RJC - Posts: 650
- Joined: Sun Jun 28, 2020 1:31 pm
- Gender: Male
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