Decleareing your home

Feb 28, 2013 · allentapas · 13 replies · 4986 views

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Hi

We have just been told we have to declare our UK home as well as our Spanish home by the end of April 2013.

if we don't we could be fined, And if we do we could possibly be fine too ?

We do our The renta each here in Spain, (12 years) Residents

Can i ask: When i declare what sort of fine may we incur ? :(

Thank. Allen

Feb 28, 2013 · ROB1305

I heard up to 30,000? - but that is probably for hiding assets worth millions. Suggest you take professional legal tax advice.

For more:
http://www.timspain.com/2013/02/newsletter-to-the-tim-readers/

http://www.timspain.com/2013/02/event-worried-about-spanish-tax/

Mar 1, 2013 · allentapas

Thx Rob

I have paid professionals for advise on the matter, but i feel none are telling me the whole story ( I don't mind paying but plz tell me).. sorry its just the way iv change since living in Spain

Anyway thx for your help.

Allen.

Mar 1, 2013 · ROB1305

OK - I do not understand why professionals would not tell you everything, except it is new and they still need to understand it as well and I heard it has been changing. The solicitors in Alicante who are holding the tax event I would trust to tell me everything. But not all professionals are the same here.

Mar 1, 2013 · allentapas

Things seem to run a little different here in the The Canaries. hence im sifting through the posts on here..

hey thanks for your help... We liked your link. http://www.timspain.com/2013/02/newsletter-to-the-tim-readers/

Thanks.

Allen.

Mar 1, 2013 · Campana

Allen:

I agree with Rob's advice.
Just see a well-recommended tax advisor, and then take the advice given. Why do you think the advisors you have consulted are not telling you the whole story.

Another possibility is to just go directly to your local Inland Revenue office (Hacienda) and speak to them. It wil be free of charge.

Mar 9, 2013 · allentapas

> Allen:

I agree with Rob's advice.
Just see a well-recommended tax advisor, and then take the advice given. Why do you think the advisors you have consulted are not telling you the whole story.

Another possibility is to just go directly to your local Inland Revenue office (Hacienda) and speak to them. It wil be free of charge.

Does me and my wife have to fill out the 720 or are 2 720s needed ?

Thanks for your help..

Mar 9, 2013 · ROB1305

Depends on the value of your assets and in whose name they are in.

Mar 10, 2013 · allentapas

> Depends on the value of your assets and in whose name they are in.

HI And thanks for the reply, the assets are in our join names.. about 150k UKP. Cheers Allen

Mar 11, 2013 · allentapas

> [quote author="Campana" date="1362172431"]Allen:

I agree with Rob's advice.
Just see a well-recommended tax advisor, and then take the advice given. Why do you think the advisors you have consulted are not telling you the whole story.

Another possibility is to just go directly to your local Inland Revenue office (Hacienda) and speak to them. It wil be free of charge.
[/quote]

Hi

i took your advise thanks, I have been told that since i brought the house for less than 50,000? some 25 years ago i don?t need to declare it on a Modular 720. even though its worth more now.

Thx Allen

Apr 11, 2013 · Barry Davys

Hi,

The Model 720 is an administrative process but a VERY important one for all people who have bank accounts, property and any other financial interest outside Spain.

It is correct that there was some confusion when the legislation was originally announced. For most people things are now clear but we DO recommend taking advice as a matter of course as there are several things that are only logical when you know how the legislation was arrived at.

The new form is required because tens of billions of euros left Spain last year. The tax authorities, not unreasonably, want to know where it has gone. The Modelo 720 applies to all people who are Spanish tax resident.

Our experience is that many people say that they are not resident because they have not filled in a form or they pay tax in the UK. That may not be the case.. For example, you do NOT have to fill in a form to be Spanish tax resident. Nor can you as an individual "choose" between one country or another. It is always the Hacienda that decides based upon the rules.

Here are two resources that might help people.

Questions and Answers on Form 720

Update on Reporting Overseas Assets

However, if there are any other questions, please ask and I will do my best to answer.

Apr 11, 2013 · ROB1305

Still not too late to register for a FREE tax seminar

http://www.timspain.com/2013/02/event-worried-about-spanish-tax/