# new Spanish revenue rules



## donk (Jan 19, 2013)

Ive recently heard that the Spanish Revenue plan to tax all residents on all world-wide income and assets, including property. I was just wondering how they can tax non-Spanish property after it has been purchased with income AFTER tax, and if they do, at what rate will they tax it? Assuming it is based on its value, who will do the valuation? Would welcome any info or advice from Spanish tax experts out there.


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## extranjero (Nov 16, 2012)

*Tax*



donk said:


> Ive recently heard that the Spanish Revenue plan to tax all residents on all world-wide income and assets, including property. I was just wondering how they can tax non-Spanish property after it has been purchased with income AFTER tax, and if they do, at what rate will they tax it? Assuming it is based on its value, who will do the valuation? Would welcome any info or advice from Spanish tax experts out there.


Well, they won't be able to tax property bought for under 50,000 euros, because they didn't require for it to be mentioned on the new assets form. The value at Dec 31st will have rocketed, yet they won't even know it exists, unlike all the other assets of 50.000 euros which did have to be declared.
Are you getting confused with wealth tax?
No need to worry if you have worldwide wealth of under 700,000 euros!


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## donk (Jan 19, 2013)

Ive two properties in UK worth about £200k and £300k but wud lose a bit if i sold them now - but if i kept them the Spanish revenue wud tax them - i havent filled in an assets form as i havent moved there yet - i havent even heard of wealth tax - Im a couple of 100k short of the 700k threshold however Im still worried - thinking about staying in uk now in that terrible weather!


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## extranjero (Nov 16, 2012)

*Tax*



donk said:


> Ive two properties in UK worth about £200k and £300k but wud lose a bit if i sold them now - but if i kept them the Spanish revenue wud tax them - i havent filled in an assets form as i havent moved there yet - i havent even heard of wealth tax - Im a couple of 100k short of the 700k threshold however Im still worried - thinking about staying in uk now in that terrible weather!


You need to thoroughly research about ALL the taxes in Spain before considering a move.Lots of info out there, unfortunately some of it conflicting!
Taxes out here are a pain!


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## donk (Jan 19, 2013)

yeah they seem to be, thx for info.


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## Chopera (Apr 22, 2013)

donk said:


> Ive two properties in UK worth about £200k and £300k but wud lose a bit if i sold them now - but if i kept them the Spanish revenue wud tax them - i havent filled in an assets form as i havent moved there yet - i havent even heard of wealth tax - Im a couple of 100k short of the 700k threshold however Im still worried - thinking about staying in uk now in that terrible weather!


No they _would_ not tax them. All you need to do is declare them if you become resident in Spain. If you subsequently sold your properties then you _would_ have to pay tax on the profits, as you _would_ in the UK.


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## JoCatalunya (Mar 16, 2011)

Chopera said:


> No they _would_ not tax them. All you need to do is declare them if you become resident in Spain. If you subsequently sold your properties then you _would_ have to pay tax on the profits, as you _would_ in the UK.


This is my understanding too.

If in doubt I would have a chat to someone about this who actually deals with such matters, if you need to talk to someone in English I am sure that someone on this forum will know someone and for a small fee that expert will help you understand the situation better.


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## snikpoh (Nov 19, 2007)

donk said:


> Ive recently heard that the Spanish Revenue plan to tax all residents on all world-wide income and assets, including property. I was just wondering how they can tax non-Spanish property after it has been purchased with income AFTER tax, and if they do, at what rate will they tax it? Assuming it is based on its value, who will do the valuation? Would welcome any info or advice from Spanish tax experts out there.


I suspect you've been listening to someone 'down the pub'! I met someone recently who was talking about how Spain was going to start taxing people on housing they might have in UK and also on pension pots etc. There is certainly a LOT of mis-information about Spain at the moment.

The recent asset declaration was just that, a declaration.

However, one has always been taxed on world-wide income - this is nothing new.


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## mrypg9 (Apr 26, 2008)

donk said:


> Ive recently heard that the Spanish Revenue plan to tax all residents on all world-wide income and assets, including property. I was just wondering how they can tax non-Spanish property after it has been purchased with income AFTER tax, and if they do, at what rate will they tax it? Assuming it is based on its value, who will do the valuation? Would welcome any info or advice from Spanish tax experts out there.


There is a lot of nonsense circulating among some British immigrants here. 
If you become tax resident in Spain you will be taxed on all income however accrued, from wages, investments, property rentals and so on.

Just as you would be in any country including the UK.


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## donk (Jan 19, 2013)

ok thx for the info. It wasnt down the pub Snikpoh, it was from a post on this forum! I think I need to speak to an accountant in Spain anyway to find out the real facts. If anyone out there knows an accountant they can recommend in Benalmadena or surrounding area pls let me know their contact details. Thx a lot.


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## xabiaxica (Jun 23, 2009)

donk said:


> ok thx for the info. It wasnt down the pub Snikpoh, it was from a post on this forum! I think I need to speak to an accountant in Spain anyway to find out the real facts. If anyone out there knows an accountant they can recommend in Benalmadena or surrounding area pls let me know their contact details. Thx a lot.


a forum is like a great big pub......

some people who post here will post the wrong information, and wherever possible we try to correct it - but anything you read on any forum isn't a replacement for professional advice, when it comes to legal or financial issues 

as far as what you saw posted..... there has been NO announcement that the Spanish govt will levy taxes against all assets - but in common with many other countries you already have to pay tax on worldwide income if resident here - that has been the case for a long time

the new reporting laws are just that - you have to report your worldwide assets

a lot of people are worried that at some point in the future there might be taxes on all assets - but that is just conjecture at the moment


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