17 Mar 2018 11:33 PM:

O.K., first you said " you don't get taxed on assets".(20.16).

Now you say "The wealth tax, or patrimonio, does not only apply to foreign assets but it applies to all assets."(22.49). Which seems to contradict what you said before. 

You then suggest that if I have to declare Patriminio I can afford a financial advisor and I shouldn't be using this site. I would have thought anyone who had sufficient assets to need to make a 720 declaration could afford a financial advisor. But I expect you're right so I'll accept your suggestion.

Thread: Decaration of assets abroad- end of term 31st March

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17 Mar 2018 10:31 PM:

If "you don't get taxed on assets", to what does the Patrimonio tax apply? Anyway, I thought the point raised by  Kavanagh related to offsetting losses against income tax (Renta) which wouldn't seem to be relevant to the 720. But maybe I misunderstood.

Thread: Decaration of assets abroad- end of term 31st March

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17 Mar 2018 6:31 PM:

Agreed, but I guess that would be dealt with through the Renta declaration whereas the purpose of the modelo 720 is to find undeclared assets to tax, so for that losses would not be relevant.

Thread: Decaration of assets abroad- end of term 31st March

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17 Mar 2018 5:01 PM:

Thanks for that, mariedav. It does make sense that they would only be interested in increases, but sometimes here what seems to make sense is not necessarily the same as the required procedure. Anyway, I'm clear about it now.

Thread: Decaration of assets abroad- end of term 31st March

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17 Mar 2018 3:21 PM:

Thank you. I understand that an increase of over €20000 has to be reported but just to be clear could someone say specifically whether a decrease of over €20000 also has to be reported. That was what I originally asked.

Thread: Decaration of assets abroad- end of term 31st March

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