# Modelo 720



## kaipa (Aug 3, 2013)

Last year i submitted a modelo 720. In April I bought a flat in Spain and used money from UK Premium Bonds that I had declared on the 720. My assests have therefore decreased this year. Do I need to submit a new 720 this year ?


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## Juan C (Sep 4, 2017)

If any one group of declarable assets increased by 20,000 € or if you closed a declared account which you had previously declared, it seems you must make a revised 720


So I assume if you still hold some premium bonds then you will not need to submit a 720 as you have not closed an account


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## snikpoh (Nov 19, 2007)

Seems there's misleading information everywhere. 

I was told that if the asset class went up OR DOWN by 20k, then a new 720 was required.

Kind of makes sense. For example, if all my asset classes dropped to under 50k, then I don't need to continue with a 720 - but how would the authorities know?


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## kaipa (Aug 3, 2013)

Yes it is confusing as my lawyer who is Spanish says I don't but a different law firm who use an English accountant say I must. Also according to NS and I my account is not closed despite having nothing in it because I can always but more premium bonds.


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## Overandout (Nov 10, 2012)

snikpoh said:


> Seems there's misleading information everywhere.
> 
> I was told that if the asset class went up OR DOWN by 20k, then a new 720 was required.
> 
> Kind of makes sense. For example, if all my asset classes dropped to under 50k, then I don't need to continue with a 720 - but how would the authorities know?


Banking information is exchanged between many countries under bilateral agreements. (with the notable exception of Switzerland of course).
If they want to find out from the banks, they will. But it's better that you tell them because the fines for not doing so are horrific.

But yes, if they go below the thresholds, you can stop submitting. I used to submit when I had money in the UK, but stopped when I brought it to Spain (and spent it!).


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## Juan C (Sep 4, 2017)

At 720 time, I show all the info on all the relevant accounts. The gestor only submits the info on the ones which she believes need to be updated 

I keep my copy as it would be a bit of an excuse if AEAT (tax office) come back to me and question what I have, or should have, declared


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## Chopera (Apr 22, 2013)

European Commission - PRESS RELEASES - Press release - Taxation: Commission refers Spain to the Court for imposing disproportionate sanctions for failure to report assets held abroad

Spain now being taken to the European Court of Justice because of the huge fines associated with the modulo 720


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