Talk Quesada forum

i saw the recent post re residencia which was really useful as I hadn’t known about the increase to income requirements so thank you
My question is in relation to Spanish tax
If you have the required €27000+ of income what are the tax free allowances and tax % bands that would apply ?
Also if you have a property in the uk that is not let out, approx value €220,000 what roughly is the tax liability ?
The link from the government website seems to go to something from 2014
I will eventually seek professional advice but it would be useful for my calculations for now

The residency post is not actually new. It's been there quite some time but I just edited it to update the IPREM amount.

Taxable income would depend on several things. Government pensions are already taxed in UK, for example, so don't attract income tax in Spain although the amount is used to calculate your tax band.

Basic income tax allowances for 2018 there was a basic personal allowance for people under 65 of €5,550. Once you reach 65, the allowance rises to €6,700 and from aged 75 this increases again to €8,100.

There are also a number of other allowances including married couple allowance, child allowance (dependent on the number of children under 25 you have living with you) and disability allowance plus others.

There are also low income allowances which decrease the more you earn.

If you have property in UK which you don't let out, there is no tax liability. Only income earned on assets is taxable but you do have to declare it as foreign held asset. There would probably be a Capital Gains Tax liability if you sell the property after becoming a resident, though.

You need a good solicitor or gestor to complete, at least, the first tax return for you and one that knows about allowances and the dual tax agreement between UK and Spain.

Jude185 wrote:i saw the recent post re residencia which was really useful as I hadn’t known about the increase to income requirements so thank you
My question is in relation to Spanish tax
If you have the required €27000+ of income what are the tax free allowances and tax % bands that would apply ?
Also if you have a property in the uk that is not let out, approx value €220,000 what roughly is the tax liability ?
The link from the government website seems to go to something from 2014
I will eventually seek professional advice but it would be useful for my calculations for now

As a starting point, useful info' here.......https://www.europeaccountants.com/spain/tax-rates
(Not a recommendation for the company, just an illustration of tax liability in Spain)

Don't forget that all world wide income & wealth has to be declared (720) and any ISAs, dividends, interest from savings and tax free lumps sums from pensions are not tax free in Spain. Do take professional tax advise before becoming tax resident in Spain.

thanks that’s exactly what I was looking for

If you are a resident in Spain, and have a property in UK, then you will pay tax on that property. The tax is similar to that on a property in Spain when you are a resident in UK.