Legal tip 919. Easier relations between Spain and the UK
Tuesday, April 2, 2013 @ 1:38 PM
It is excellent our government sees the importance of treating UK people nicely. Number of UK people in Spain is so important as to consider all possible legal facilities!
Spain and the United Kingdom have signed an agreement to prevent the double imposition and to avoid the tax evasion as regards assets and income taxes. The agreement has been signed by Federico Trillo, Spanish Ambassador in the United Kingdom and the British Treasury Minister, David Gauke. This agreement will be valid in three months´ time and it will substitute the one signed in London on 21 March 1975.
The purpose of this agreement is to update the articles, which according to the information of the Spanish Treasury have become antiquated. Cristobal Montoro, Spanish Treasury Minister, says that this updating “will allow responding to the economic needs that the commercial relations between both nations have at present time”.
The new articles will make possible to solve conflicts like the one arisen because of the treatment to the residents with no house in the UK. Among the clauses it appears the arbitration as a mean to solve the conflicts that may come up after the implementation of this agreement.
Both countries have agreed to reduce the taxation in origin, establishing the exclusive taxation in residence for those dividends got from majority shares, rents and interests.
From Cinco Dias.
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"Estampas Albayzineras", El Albayzin, Granada, South-east of Spain, by Landahlauts, at flickr.com