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Capital gains tax and local tax return
Re: Capital gains tax and local tax return
by marcliff » Wed Jan 24, 2024 11:39 am
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Last edited by marcliff on Fri Mar 08, 2024 8:11 am, edited 1 time in total.
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marcliff - Posts: 9694
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Re: Capital gains tax and local tax return
by Mart 63 » Wed Jan 24, 2024 3:16 pm
Luckjockey wrote:Hi. As with many of you on here, I am expected to submit a tax return in Spain every year. At the moment I have a private pension which is exempt from taxation in Spain as the tax is paid in the UK. However, has anyone experienced how the interest made on savings in the UK is potentially affected when submitting a Spanish tax return? Obviously capital gains tax is expected to be paid on any interest made on UK investments in the UK. But is it exempt in Spain once the tax has been deducted in Britain?
I'm a Spanish tax resident. If you pay tax in Spain you don't get interest on your UK savings.
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Re: Capital gains tax and local tax return
by Bee » Wed Jan 24, 2024 3:35 pm
I don't think I will fall into that category any time soon Marcliff
Bee
Bee
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Re: Capital gains tax and local tax return
by marcliff » Wed Jan 24, 2024 3:40 pm
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Last edited by marcliff on Fri Mar 08, 2024 8:12 am, edited 1 time in total.
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Re: Capital gains tax and local tax return
by Shiva » Wed Jan 24, 2024 4:02 pm
Really,Marcliff? My tax advisor has told me that there is nothing similar in Spain to premium bonds, they are not like the lotto... so winnings are not seen as ' winnings' but equivalent to interest and are all declarable and taxable. ( Even £25). If you are saying this is not the case can you point me in the direction of your info so I can revisit this with my tax advisor? Thanksmarcliff wrote:Angela17 wrote:Really interesting thread. Can I just ask a related question please? We have premium bonds, is there an amount of winnings that you need to declare anything over ie even if we win £25?
Tax on winnings in Spain is 20% but only applies on winnings of over 40,000 euro. I think your 25 quid is safe.
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Re: Capital gains tax and local tax return
by marcliff » Wed Jan 24, 2024 4:14 pm
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Last edited by marcliff on Fri Mar 08, 2024 8:12 am, edited 1 time in total.
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marcliff - Posts: 9694
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Re: Capital gains tax and local tax return
by Mart 63 » Wed Jan 24, 2024 6:08 pm
marcliff wrote:Mart 63 wrote:
I'm a Spanish tax resident. If you pay tax in Spain you don't get interest on your UK savings.
Pardon? Funny as I have a couple of accounts in UK which pay me interest but the Spanish tax office taxes me on it. I've been resident for 13 years.[/quote]
Do you pay Spanish income tax?
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Re: Capital gains tax and local tax return
by marcliff » Wed Jan 24, 2024 6:22 pm
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Last edited by marcliff on Fri Mar 08, 2024 8:13 am, edited 1 time in total.
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marcliff - Posts: 9694
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Re: Capital gains tax and local tax return
by Mart 63 » Wed Jan 24, 2024 7:06 pm
Who do you bank with in the UK. I'm with Halifax and I can't get any interest on my savings. Also I'm not allowed to buy premium bonds or isa's.
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Re: Capital gains tax and local tax return
by Mart 63 » Wed Jan 24, 2024 7:09 pm
marcliff wrote:[quote="Mart
No idea where you got that from but I can assure you that you do get interest on UK savings even if you pay tax in Spain.[/quote]
I got it from the bank last year, and other banks I tried.
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