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I know about form 210 but what's thre deal with tax for 720 which explains for residents & non res of Spain the assets you own in the UK (or elsewhere?) There seem to be fines in the range for 10,000 euros for non-completion?
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There is no requirement for a non resident to complete a 720
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** EDITED - At Poster's Request **
This message was last edited by eos_moderators on 5/20/2014 3:14:00 PM.
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what's the deal with tax for 720 where residents must the assets over 50,000 euros, they own outside Spain.
The fine is 5,000 euros for each asset not declared or incorrectly declared, with a minimum of 10,000. Then there is a penalty of up to 150% of the asset. (There is no extra tax payable on owning the asset only, as previously, on any income derived).
So serious business, and so therefore we must all declare this time i.e. in 2013 and again in 2014, if the valuies have altered as per the law..
Well so I thought. Apparently less than 5% of those whom it is estimated should have declared did, but so far it seems not one person has been prosecuted. I am begining to wonder why I declare last year and again this year.
This message was last edited by johnzx on 13/05/2014.
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** EDITED - At Poster's Request **
This message was last edited by eos_moderators on 5/20/2014 3:15:00 PM.
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There is no excuse for not knowing about the 720. Free ex pat press was full of it for weeks beforehand. It was also on online information sites, and law firms held seminars in different parts of Spain. People making their income tax declarations were informed of it by their accountants. However, no one is going to knock on their door. I think the reason some people don't know about this and other laws, rules etc, is because they didn't want to. Many said they had no intention of baring their financial souls in great detail to the Spanish taxman. They preferred to take a chance. So, are those who submitted this form, mugs? Giving a handy list of assets , all ready, if needed, for calculating IHT?
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No Excuse for not knowing
Campo the trust of your post seems to refer to non Spaniards who should have known, but the legislation applies equally to Spaniards, and I know that many of them are still unaware that the 720 exists. One of my friends is a head of dept. in a government ministry, her husband holds a senior position in Hacienda, and even she did not know until I told her.
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** EDITED - At Poster's Request **
This message was last edited by eos_moderators on 5/20/2014 3:16:00 PM.
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Camposol is hardly coming out with "no excuse bull". I read El Pais newspaper to help improve my Spanish. The asset declaration and modelo 720 has had many article in there for almost 3 years. I would assume other Spanish newspapers would have the same type thing. The latest El Pais one was just a couple of weeks ago reminding people when they needed to make the declaration.
Our solicitors sent us a newsletter about the asset declaration months before the first one needed doing. Do you think they only did this to the expats?
TV channel Cuatro had a big piece on the modelo 720 some time ago as I remember watching it. La1 (the national TV station) also had it as it was quite a big thing at the time.
So camposol is not talking bull. Anyone who doesn't know about it either doesn't use a financial advisor/solicitor, doesn't read the newspapers or doesn't watch the TV. Either that or they choose to ignore it.
Absolutely nothing to do with "grapevines", expat ones or not.
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Fiddlegee
Sorry I cannot agree with you that someone else should have the responsibility of ensuring that we know about all aspects of legislation which may affect us.
As most of the readers here will have chosen to either make Spain their home of have decided to have some form of attachment here, it is up to them to ensure they have the language skills required, or availed themselves of professional advice, and make the effort, to be aware of which laws affect them.
Aside from the financial aspects, but as a simple example of laissez faire attitudes, I find it ‘disappointing’ that so many Brits drive in Spain and have never studied the Spanish ‘Highway Code’ thus they drive, hoping or assuming that the regulations are the same as in the UK, when often they are not. The same attitude prevails with most of the regulations which govern one’s life in a country, any country, but one has a responsibility to inform oneself, or suffer the consequences for not doing so.
When in Rome ….. Implies a certain need by the individual to make the effort to learn how to … live as the Romans do.
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** EDITED - At Poster's Request **
This message was last edited by eos_moderators on 5/20/2014 3:17:00 PM.
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Fiddlegee Johnzx I speak Spanish and Valencian.. and you cant ignore something if you have not been informed.
I did not say anything about anyone ignoring anything; I said we all have the responsibility to make ourselves aware.
As you too speak Spanish, we have less excuse, than those who do not. If we do not made the effort to inform ourselves of legal requirements its our fault. (and as I am sure you are aware, that is considerable simpler now than it was 25 odd years ago when I came to live here(. That you did not know, ipso facto, you did not make sufficient effort.
As Bobaol said, it was not exactly a secret in the Spanish media.
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** EDITED - At Poster's Request **
This message was last edited by eos_moderators on 5/20/2014 3:18:00 PM.
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Fiddlegee. I am taxed in UK as well as Spain, as I have a government employee pension. I have just checked through my paperwork from HMRC and I have no information on the rates of tax/ tax bands which have been applied to my income. All I know is the amount of tax I have paid.
I know that if I want to find out more I can investigate on the internet. The same applies to Spain.
Why you did not know about the 720 I cannot say, but I knew and many others did too. There is nothing special about us.
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** EDITED - At Poster's Request**
This message was last edited by eos_moderators on 5/20/2014 3:20:00 PM.
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It was not sneaked in. As you are a Spanish speaker, here is the reference to the change that was made in the Spanish Law, as published in the BOE which you will know is how the Government inform its citizens. But of course you will know that, and will know that if you do not read it then it is not the government which at fault.
We, who speak Spanish, are fortunate in Spain that all changes to the law are published in the BOE, unlike in UK where no such automatic informative process exists, and thus, where they may have an excuse for not knowing.
https://www.boe.es/diario_boe/txt.php?id=BOE-A-2013-954
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** EDITED - At Poster's Request**
This message was last edited by eos_moderators on 5/20/2014 3:19:00 PM.
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I hope you're still around watching at least, because I'm just going to stick my oar in, so to speak. As many members may know, I have not always seen eye to eye with John, but on this one you're so far off the mark I feel the need to defend my old adversary!
The 720 was certainly no secret, and I have no doubt whatsoever that those to whom it applies know all about it, unless they've had their heads completely buried in the sand. Don't tell us you live in the "real Spain" and speak Spanish (and a dialect of it) and then say you didn't know about it because you don't get the expat press in your little backwater. "I dont happen to live in 'Little Britain' I actually live with the people from here in their village, Ex pat 'Newsletters' dont make it out here..NO-ONE here knows about it..!"
If no one there knows about it, it's because it doesn't apply to anyone there so they didn't pay any attention to the news about it in the papers or on the TV. How many of your ** EDITED - Inciting** neighbours have more than 20 grand stashed away overseas?** EDITED - Inciting**
Wake up. Smell the coffee! 
This message was last edited by eos_moderators on 5/20/2014 3:23:00 PM.
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"Get your facts first, then you can distort them as you please"
Mark Twain
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Thanks Robert
By coincidence I have an appointment this morning with my gestor to do my tax return, collect the revised 720 return, and pay, as I see from last year, 50€ for the tax return and 85€ x 2 for the 720. Not a bad little earner as I completed all the info for the two 720 on spreadsheets.
PS Just got back from the gestor, appointment at 10.30, after waiting for 90 minutes, left the office having made the return, at 12.25 !!
I questioned the figures, and to cut a long story short, they had incorrectly used the full value of a property my wife owns outside Spain, instead of 50%, ( 50% X 1.1% X 24.75% ) to work out the ‘second homes tax’. I was being over charged almost 200 euros. So if you have a ‘second home’ watch the figures. The charge for a joint tax return and two 720's was 130 euros.
.( 50% X 1.1 X 24.75% )
This message was last edited by johnzx on 16/05/2014.
This message was last edited by johnzx on 16/05/2014.
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