2 bedroom property - Page 2

Hmm, very interresting post, if the person is a spanish resident which I assume they are if they are declaring all their worldwide interests, I am stunned if tax is not applicable on their savings interest(not the capital) also I believe a home kept in the Uk as a spanish resident is considered for non resident tax exactly as a Uk resident has to pay on a spanish 2nd home if they rent it then the rent is also taxable in Spain and on selling a home in Spain only over 65yr old residents are not subject to CGT  but under they either have to put all moneys of selling price into another Spanish property(which therefore would not leave an amount to be returned to the UK.) This post goes against everything I,ve ever read on the subject. Of course all of this is if the assets out of spain are over 50,000€ which must be declared so very strange. I of course could be wrong but I,m sure RayD will correct me.

As to your last question I cant answer that but I,ve never read that once UK no longer in EU, residents assets out of the EU are not taxable.

Regards

Pauline.

Hi Pauline,

very interesting, now understand from you that tax is only payable ( in Spain ) on interest re a savings account in UK, not the capital? if that is what you ment,? and as savings interest rates are so low, not many reach the yearly amount for tax, as we confirmed with the bank on our visit back to UK.

We are just trying to go through everything before we have our first meeting with accountant to try and pre understand what will be taxable, as if it is, that we have in UK, it will disappear.

Yes of course the accountant will confirm all, but for warned is for armed.

I think, reading the latest Brexit advice, that Spain will not want to lose anything from the Brits, so all loop holes will be blocked, as we are seen to all be wealthy, so can pay what ever they ask for!!!!!!!! not my words, but a friends. 

Is that the same friend who doesnt pay any tax, but works, has a UK property, savings and sent all the money from a spanish property sale back to the UK? The assets you have in UK may not get taxed in Spain but added in with Spanish income and pensions or whatever else you own when declared may change the rate at which you are taxed. Not all accountants even get it right as there are a lot of stories on the internet at the moment where resident expats are receiving "huge" as in 10,s of 1000,s bills from the hacienda for miscalculated tax declarations. Get an accountant that is recommended especially for expats. Read of one last week receiving bill of 35,000€ then fines and interest on top to be calculated later. It happens.(a lot).

Pauline.

Thanks Pauline,

Yes on to the accountant as we speak, I want some up front answers a bit sharpish, and then if required can make arrangements in UK.

So many stories, good and bad, so need to get it right.

Thanks, have a good day.