Letting - Double taxation Spain and UK
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Letting - Double taxation
Whilst chatting with an accountant friend in UK, who owns a property in Spain, he said he understood that if he were to let his property in Spain then he would of course have to declare that to the Spanish tax office and pay tax, but he would also have to inform his tax office in the UK.
As he is in a high tax band in UK he believes he would have to the difference between what he would pay in Spain and what he would pay in UK
Any ideas ?.
This message was last edited by johnzx on 14/04/2012.
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Hi John
I dont really know what idea's u want?
As you said your friend is a bean counter and should know the situation better than us mortals. For what its worth I think he is 100% correct.
As for ideas? dont tell either of them? not good if you are an accountant ! Dont rent it? Move to Monaco?
The problem now with both tax offices bieng tasked to find every penny the cost if you get caught as you may know is that you pay the tax due for the last 7 years, plus a fine / penalty up to double the tax due and then interest on the tax amount. Of course if they suspect it was a deliberate attempt to de-fraud they can go back as far as they like. Is it really worth the risk?
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