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what taxes
what taxes
by richardlionheart » Tue Oct 02, 2018 4:41 pm
so we just bought a small bungalow, 55k euros on Toretta II. we currently live on my wifes state pension and my small private pension, i get my full UK state pension in 2 years
So roughly what sort of size tax bills can we expect to get in the next 2 years before my pensions starts
i assume we pay non resident tax for 2018 (as we will have been here less than 183 days)
then 2019 and 2020 a full year - resident or non resident tax? what about Suma? when are these bills due?
So roughly what sort of size tax bills can we expect to get in the next 2 years before my pensions starts
i assume we pay non resident tax for 2018 (as we will have been here less than 183 days)
then 2019 and 2020 a full year - resident or non resident tax? what about Suma? when are these bills due?
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Re: what taxes
by marcliff » Tue Oct 02, 2018 5:41 pm
IBI is council tax and is collected by the office responsible for collecting taxes in the Alicante province which is SUMA. This is paid now (by 5th October this year) and the person owning the property on 1st January is responsible for that. The bill will be based on the size of the property including the land. Ours is a 105 sq m 3 bed property with 60 sq m garden and was 232 euro last year.
You will pay non resident tax at the end of this year which will be about 50 or 60 euro for each of you (rateable value based on value of property and will be on your bill, usually less than half the value of your property). This will be reduced depending on how long you have been here.
If you take out residency then you will be liable for income tax after next year (you pay 2019 in April 2020) and will obviously depend on your income but a UK state pension is within the Spanish allowances so no tax on that. Returns have to be in by beginning of May and any tax due is paid about September.
In January, if you are a resident, you also have to declare any foreign assets on a form 720, that is bank accounts and property and bonds or shares etc. You do not pay tax on the assets but you do pay tax on any income derived from them, like interest or rents etc.
Edit:
Sorry, I should have put the asset declaration is only if you have over €50,000 in savings or property or bonds etc.
Over 50k savings - declare, over 50k in property - declare, over 50k in bonds etc - declare.
You will pay non resident tax at the end of this year which will be about 50 or 60 euro for each of you (rateable value based on value of property and will be on your bill, usually less than half the value of your property). This will be reduced depending on how long you have been here.
If you take out residency then you will be liable for income tax after next year (you pay 2019 in April 2020) and will obviously depend on your income but a UK state pension is within the Spanish allowances so no tax on that. Returns have to be in by beginning of May and any tax due is paid about September.
In January, if you are a resident, you also have to declare any foreign assets on a form 720, that is bank accounts and property and bonds or shares etc. You do not pay tax on the assets but you do pay tax on any income derived from them, like interest or rents etc.
Edit:
Sorry, I should have put the asset declaration is only if you have over €50,000 in savings or property or bonds etc.
Over 50k savings - declare, over 50k in property - declare, over 50k in bonds etc - declare.
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Re: what taxes
by richardlionheart » Tue Oct 02, 2018 7:18 pm
whew thats a relief, i was having visions of bills of thousands of ££ turning up. Thanks
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