Small Victory for UK Homeowners in Spain
March 9, 2009 | Leave a Comment
A court decision in Spain has opened the way for thousands of UK citizens to reclaim some of the tax they paid when they sold their homes there.
The High Court in the region of Valencia has ruled in favour of a British couple, Mr and Mrs Roy.
It told the Spanish tax authorities to repay them for being charged a capital gains tax levied at 35% instead of 15%.
A spokesman for the Roys’ law firm said it was gathering similar cases, with an average claim worth £14,100.
“This discriminatory law was in force for many years,” said Emilio Alvarez of Valencian law firm Costa, Alvarez, Manglano.
“It will have affected thousands of people,” he added.
Spanish Tax Men Get Tough On British Homeowers
September 12, 2008 | 7 Comments
Owners of Spanish property could lose their homes if they fail to produce new identification documents proving their non-resident status, writes Ali Hussain of the Times Newspaper.
Britons who use their overseas accounts to pay for their Spanish mortgages and essentials such as utility services and council taxes, have been required by Spanish banks to produce a residence certificate or “Residencia” since March last year.
Spanish Wealth Tax Abolished
August 29, 2008 | 39 Comments
Spanish ‘Wealth Tax‘ has been abolished with effect from 1 January 2008. (Impuesto Extraordinario sobre el Patrimonio)
As this tax was levied based on assets held on 31 December of a given year, the tax for 2007 will therefore be payable as usual during 2008. However no wealth tax will be payablle for 2008 itself during 2009.
Spanish Pensions Surplus
March 14, 2008 | Leave a Comment
Spain’s Social Security system is on track to post a surplus in excess of the government’s EUR 8-billion target this year.
MADRID – Spain’s Social Security system is on track to post a surplus in excess of the government’s EUR 8-billion target this year, even in the light of recent increases in unemployment and slower growth in many sectors of the economy, Labour Minister Jesús Caldera said on Wednesday.
QROPS Press Release
March 13, 2008 | Leave a Comment
The UK Inland Revenue has given Britons living abroad an unexpected bonus. For those who intend to remain permanently abroad it is now quite simple to transfer their UK pensions to more tax friendly jurisdictions via a Qualifying Recognised Overseas Pension Scheme (QROPS).
After a qualifying period individuals can access their funds in their entirety and use the capital and income in the way that is most tax favourable for them and upon their death, they can leave it to whomever they like.
This compares most favourably with the pension regime in the UK and ex pats around the globe should be making it a priority to remove their funds from the UK as quickly as possible.
A degree of caution should be exercised because some QROPS appear to rely on artificial contracts of employment, which would of course incur huge penalties.
For clear impartial and appropriate advice contact Free My Pension.
Liechtenstein Scandal Update
March 4, 2008 | Leave a Comment
An update to the story earlier – http://spanish-taxes.co.uk/spain/liechtenstein-fraud-probe-spreads-to-spain-as-tax-office-picks-up-trail/
The Spanish tax office confirmed at the weekend that it has obtained the names of 100 Spanish citizens believed to have evaded taxes in Liechtenstein
3 March 2008
MADRID – The Spanish tax office confirmed at the weekend that it has obtained the names of 100 Spanish citizens believed to have evaded taxes in Liechtenstein, becoming the 15th country involved in an international probe into fiscal fraud in the Alpine principality.
Liechtenstein Fraud Probe
February 28, 2008 | 1 Comment
A rapidly expanding international probe into tax evasion centred on Liechtenstein spread to Spain on Tuesday.
27 February 2008
MADRID – A rapidly expanding international probe into tax evasion centred on Liechtenstein spread to Spain on Tuesday, with the Spanish tax office confirming that it is joining a growing list of countries investigating citizens with bank accounts, companies and foundations in the Alpine principality.
Controversy Surrounds Spanish Tax Cut Vows
January 30, 2008 | 1 Comment
With less than six weeks to go before a hard-fought general election in which the economy has moved centre stage, Spaniards are being showered with promises of tax cuts. But as government and opposition compete with prospective tax breaks, the electorate’s response remains wary.
José Luis Rodríguez Zapatero, the Socialist prime minister who is seeking re-election on March 9, is facing a barrage of criticism this week after promising a €400 ($591, £297) tax rebate for 13m wage earners and pensioners. The measure is expected to cost €5bn, or one-quarter of the government’s fiscal surplus of 2 per cent of gross domestic product.
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Overseas Pension Transfers
January 4, 2008 | Leave a Comment
If you have deferred benefits in the UK they will either come from a personal pension or from an occupational pension scheme.
Both will entitle you to some tax free cash with the balance of the fund to be used to provide an income either via an annuity or via income withdrawal.
Expats ‘vulnerable to IHT laws’
November 28, 2007 | 6 Comments
As the number of Britons taking up residence in Spain and France soared to a total of 961,000 by the end of 2006, the WAY Group reported a ‘significant’ rise in enquiries from expats concerned by highly complex taxation laws in both France and Spain, especially for Brits who are non-domiciled – i.e., living permanently in one of these countries. Read more
