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First time Spanish tax payer
First time Spanish tax payer
by Brewingdog » Sat Feb 24, 2024 3:49 pm
Just require a little reassurance. This is my first year for tax assessment in Spain. I've always been under the impression that my private pension may be subject to tax and also any interest earned on my savings. I also believed that I could claim some tax relief for my wife who currently has no income. I'm about to submit all the necessary paperwork to our solicitors but have been told by a long term resident that I can't claim any tax relief for my wife as our savings are in joint names. Also that all our savings are taken into account when calculating the tax, not just the interest earned. Is this correct.
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Re: First time Spanish tax payer
by Welshboy » Sat Feb 24, 2024 10:59 pm
Tax will include your Oh income,if any...
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Re: First time Spanish tax payer
by Bee » Sun Feb 25, 2024 12:58 am
The tax allowance for the first person is around €5600 with an added age allowance for over 65s and the second person gets an allowance of around €3500. So yes your wife has an allowance. Interest on savings and assets is taxed at different bands. This article from Expatica should help you understand the Spanish Tax system. As with all tax systems all income is totalled and applied at a particular % rate and then your allowances are deducted and you arrive at your final tax bill.
https://www.expatica.com/es/finance/tax ... in-471614/
Bee
https://www.expatica.com/es/finance/tax ... in-471614/
Bee
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Re: First time Spanish tax payer
by Brewingdog » Mon Feb 26, 2024 8:55 am
Thanks for the replies. Is it the interest earned on savings or all your savings that are taxed.
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Re: First time Spanish tax payer
by Brewingdog » Mon Feb 26, 2024 9:28 am
Thank you. That's eased my mind. I have no income bar company pension and savings. So taxing all of the savings would be scary.
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Re: First time Spanish tax payer
by Paul Uden » Mon Feb 26, 2024 11:27 am
There is a wealth tax too if the value of your total worldwide savings and other assets is very high. Details on the attached from Pellicer & Heredia lawyers.
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Paul Uden - Posts: 1568
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Re: First time Spanish tax payer
by Brewingdog » Mon Feb 26, 2024 11:31 am
Thank you, I won't have to worry about that
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Re: First time Spanish tax payer
by Paul Uden » Mon Feb 26, 2024 11:34 am
Brewingdog wrote:Thank you, I won't have to worry about that
OK good! It sometimes catches people unawares if they still have property in the UK. Further reading, however, suggests it may have been all but repealed in Valencia for 2024 anyway.
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Paul Uden - Posts: 1568
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