# Tax guesstimate & savings questions



## Rabbitcat (Aug 31, 2014)

Is there anyone on here ( either in thread or by pm) or a site that could give a guesstimate re tax which might be payable in Spain

I am talking very simple situation ( no earnings, rental income etc). Just wondering in very general terms

Thanks


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## xabiaxica (Jun 23, 2009)

Rabbitcat said:


> Is there anyone on here ( either in thread or by pm) or a site that could give a guesstimate re tax which might be payable in Spain
> 
> I am talking very simple situation ( no earnings, rental income etc). Just wondering in very general terms
> 
> Thanks


presumably you'll have _some_ kind of income?

take a look at this Spanish tax rates and allowances for 2015.


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## Rabbitcat (Aug 31, 2014)

Thanks for that Xabia

Now, wheres my abacus

I know its a non-no trying to ask re actual figures on here but just trying to work out very rough guesstimates.

My main income is Crown pension. I know that has to be taxed in UK but as the tax allowance is better there does the Spanish taxman get into me for the difference?


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## Rabbitcat (Aug 31, 2014)

*Spanish savings rates*

What are the savings rates like with Spanish banks ?

Best generally I can see in UK is 2% for a 2 year fixed bond- anything similar/ better with main Spanish banks?


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## snikpoh (Nov 19, 2007)

Rabbitcat said:


> What are the savings rates like with Spanish banks ?
> 
> Best generally I can see in UK is 2% for a 2 year fixed bond- anything similar/ better with main Spanish banks?


Ha, ha - best laugh I've had for ages!

Our children can get 1% per annum. I have yet to find anywhere that I can get more than 0%


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## Rabbitcat (Aug 31, 2014)

Lol

So that 2% in UK is amazing after all


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## Rabbitcat (Aug 31, 2014)

*Tax on savings interest*

Hello

If you have a savings account in UK on which you pay tax on interest earned and you move to live f/t in Spain-is it taxed again in Spain as earnings?


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## Lynn R (Feb 21, 2014)

You can do better than a guesstimate. There is a simulator on the Agencia Tributaria website which allows you to fill in a "dummy" (nothing personal, honest) tax return and see exactly how much tax you'd have to pay. You don't enter the allowances, the programme does that for you. You'd need your Spanish dictionary (which of course you have!) handy, but if you're stuck on anything, just ask. This one is for 2014 income, so remember tax rates will be lower next year (basic tax rate goes down from 24.75% to 20% and down again to 19% the year after).



https://www2.agenciatributaria.gob.es/es13/s/dacoda4rs00w

It isn't as complicated as it looks as there are pages and pages where you probably wouldn't need to fill anything in. Your Crown pension would go in the box called Renta Exenta (exempt income) which is quite near the end.


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## Rabbitcat (Aug 31, 2014)

That is very good of you Lynn, much appreciated. Will give it a go


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## Rabbitcat (Aug 31, 2014)

Lol

Its a bloody nightmare trying to translate every word!!!!!!


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## Lynn R (Feb 21, 2014)

Rabbitcat said:


> Lol
> 
> Its a bloody nightmare trying to translate every word!!!!!!


But good practice for when you get here. That's the best way to learn, by trying to do practical things for yourself.


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## Rabbitcat (Aug 31, 2014)

Lol

Have given up. Its a nightmare as trying to switch between google translate, which doesn't seem to know half the words- then back to the form- just doesn't work

I will ask a Spanish speaker off another forum to have a go at it as ours is a VERY simple situation, one Crown Pension income,( my only income) one lump sum in a savings account ( wifeys only income)


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## snikpoh (Nov 19, 2007)

Rabbitcat said:


> Hello
> 
> If you have a savings account in UK on which you pay tax on interest earned and you move to live f/t in Spain-is it taxed again in Spain as earnings?


Of course - all world-wide earnings are taxable in Spain (ish).

Interest earned must be declared here and tax paid. Then tax paid in UK can be claimed back.


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## Rabbitcat (Aug 31, 2014)

snikpoh said:


> Of course - all world-wide earnings are taxable in Spain (ish).
> 
> Interest earned must be declared here and tax paid. Then tax paid in UK can be claimed back.



Thanks for that
So would it be better to get it paid gross in UK and then just pay tax in Spain?


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## snikpoh (Nov 19, 2007)

Rabbitcat said:


> Thanks for that
> So would it be better to get it paid gross in UK and then just pay tax in Spain?


Yep, if you can.

Some institutions (Nationwide Building Society for example) refuse to do this.


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## Rabbitcat (Aug 31, 2014)

Apparently Tesco bank allow it


https://yourcommunity.tescobank.com...-have-deducted-tax-How-do-I-ensure-I/ta-p/869


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## Rabbitcat (Aug 31, 2014)

Just a quick thanks folks to all who helped on this thread. I can be a bit brusque at times bantering more informed members about their knowledge but credits where credits due and the help given here at times is invaluable


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## Lynn R (Feb 21, 2014)

Rabbitcat said:


> Lol
> 
> Have given up. Its a nightmare as trying to switch between google translate, which doesn't seem to know half the words- then back to the form- just doesn't work
> 
> I will ask a Spanish speaker off another forum to have a go at it as ours is a VERY simple situation, one Crown Pension income,( my only income) one lump sum in a savings account ( wifeys only income)


Sigh. If you want, pm me with yours and your wife's ages, which region you might be living in (it matters because it affects tax rates) and the amounts involved and I'll fill it in and let you know the result. It'll take about 5 minutes and the bill will be in the post.

Sorry, I need dates of birth not ages.


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## baldilocks (Mar 7, 2010)

I personally have nothing to do with them but happened to notice a leaflet in the gestoría, have a look at Santander's 1,2,3 account which looks as though it may pay 3%


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## Lynn R (Feb 21, 2014)

baldilocks said:


> I personally have nothing to do with them but happened to notice a leaflet in the gestoría, have a look at Santander's 1,2,3 account which looks as though it may pay 3%


I have looked at this and similar offers from a number of Spanish banks, and found that as these are current accounts not deposit accounts, the credit balance limits on which you can earn the 3% interest are quite small - I think €15,000 was the highest I saw and some were much less. They're not really suitable for lump sums on deposit.

I use fixed rate deposit accounts with the Leeds Building Society in Gibraltar, as I can't open any new accounts in the UK, but they are only offering 1.65% for a 12 month fixed rate bond atm.


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## Lynn R (Feb 21, 2014)

Here is the interest payable on the Santander 123 account - 3% on credit balances between €3,000 and €15,000, which is the maximum
https://www.bancosantander.es/es/pa...dm=5u-mdssb0&gclid=CIGsr9vpnsYCFafItAod8h4AjQ


And unfortunately the LBS latest 12 month bond is only paying 1.55% now.

We need the Bank of Dave here! I love that guy.


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