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Applicable exchange rates for spanish tax on UK income
Applicable exchange rates for spanish tax on UK income
by Shiva » Thu Nov 07, 2019 9:08 am
A question for the initiated... What approach to exchange rates is used by the Spanish tax office in calculating tax due on foreign eg UK income or the value of UK assets ? Do they use mark to market ( especially re asset valuation eg for cgt...)? Do they take account of fluctuating value through a tax year or use a particular fixed rate at a certain date in the year? In volatile exchange rate times this could make a significant difference to the final tax bill... What have people's experiences been ?
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Re: Applicable exchange rates for spanish tax on UK income
by jpeg » Thu Nov 07, 2019 11:45 am
I believe they use last day of preceeding year
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Re: Applicable exchange rates for spanish tax on UK income
by A.N.Other » Thu Nov 07, 2019 1:39 pm
Strictly speaking the rate is whatever it is on the day you receive the funds.
If you want to save as much as possible work it out as above and if it comes to less than by averaging or against a publically announced rate then use that, nobody can argue with your calculation method because it's only way which is 100% correct.
If it's more that's when you use averaging
If you want to save as much as possible work it out as above and if it comes to less than by averaging or against a publically announced rate then use that, nobody can argue with your calculation method because it's only way which is 100% correct.
If it's more that's when you use averaging
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Re: Applicable exchange rates for spanish tax on UK income
by jim » Thu Nov 07, 2019 7:40 pm
its the average monthly exchange rates for the year...add together and divide by 12
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Re: Applicable exchange rates for spanish tax on UK income
by A.N.Other » Thu Nov 07, 2019 8:05 pm
Is that official advice from the Spanish tax man, if so can you post a link to it?
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Re: Applicable exchange rates for spanish tax on UK income
by Espanabums » Thu Nov 07, 2019 9:47 pm
A.N.Other wrote:Is that official advice from the Spanish tax man, if so can you post a link to it?
1.1303€/£1
https://www.citizensadvice.org.es/faq/exchange-rate-renta-tax-declaration-2015-2016-2017-2018/
Steve & Jill, Torrevieja
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Re: Applicable exchange rates for spanish tax on UK income
by A.N.Other » Thu Nov 07, 2019 10:13 pm
CAB an official link, really?
Still, pretty much backs up what I said though.
Still, pretty much backs up what I said though.
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Re: Applicable exchange rates for spanish tax on UK income
by Shiva » Fri Nov 08, 2019 11:25 am
Thanks to everyone for info
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Re: Applicable exchange rates for spanish tax on UK income
by Paulr » Fri Nov 08, 2019 3:53 pm
The European Central Bank publish the annual exchange rates. For example, the 2018 average exchange rate, to convert sterling to Euros, for the 2018 residents' tax return, is 1.1303.
For anyone who needs to submit a Modelo 720 (Declaration of worldwide assets), the rate used is that at 31st December, so for 2018 that is 1.1179.
For anyone who needs to submit a Modelo 720 (Declaration of worldwide assets), the rate used is that at 31st December, so for 2018 that is 1.1179.
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