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TeamGB - If your assets in any one class are in excess of €50,000 you have to report everything that you hold in that class, Premium Bonds are but a component part of that class.
€50,000 is only the qualifying figure that requires the need to report everything.
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Ok Jimbo
Thanks
I thought the threshold for reporting was 50k€ in any one account, not per class of investment. Does this then mean that if you have several normal bank accounts that are well under 50K but the total balance is over this limit that you have to report them?
Sorry If this has been covered here before
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Team GB - yes that's my understanding, I have several different items in class 2, but as they do not come up to the threshold of €50,000, I have nothing to report in that class, shame that Premium Bonds don't seem to fit in there.
Don't worry about it being covered before, it's more important that you are sure of what - or not - you need to report.
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Team GB
I thought the threshold for reporting was 50k€ in any one account, not per class of investment. Does this then mean that if you have several normal bank accounts that are well under 50K but the total balance is over this limit that you have to report them?
From what I have read it seems clear that if one’s assets, in any group, collectively come to 50,000 Euros, then all items in that group must be reported
So 6 accounts, in different banks/ institutions, each with 10,000 euros, total 60,000, all must be declared.
Info from Blevins Franks web page
There are three reporting categories, and you have to report all assets in a particular category if the value of your total assets in that category amounts to over €50,000. This only applies to assets located outside Spain. You should not include Spanish property and bank accounts. This message was last edited by johnzx on 03/04/2013.
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Kathyslad-How can the accountant let clients view the submission before it is sent on line electronically, and even if it was, would they understand it enough to know whether it had been done accurately or not. If anyone IS able to understand the form they would have done it themselves!
On the question of odd premium bonds, the £! ones, which some know they have somewhere but cant find them now, what happens about that. A neighbour told me he got 3 many years ago; since he's been out here he can't find them. I did tell him sbout the tracing service but this will take ages, and he may not get an answer before April 31st. He does have assets in this category which are over 50, ooo and he has declared these. His accountant told him not to worry about them, but when I told him about different things I had read on this thread he is now worried. Can Maria reassure him?
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Camposol
Kathyslad-How can the accountant let clients view the submission before it is sent on line electronically, and even if it was, would they understand it enough to know whether it had been done accurately or not. If anyone IS able to understand the form they would have done it themselves!
Well of course they must be able to print out the form. That should be no problem. Anything on the screen can be printed.
But I too am certain that it is the person whose declaration it is that is the responsible for the accuracy of the info.
That might seem illogical, but then again, the professional is only submitting the info which their client has supplied, probably only verbally at that.
They in reality have no way of knowing that their client has told "the truth, the whole true and nothing but the truth" so to speak.
If I lie to my account why should she be in trouble !
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n the UK, nobody can charge you account without your authority, except the bank, through a setoff arrangement, the government (through legislation, as in Cyprus) and the courts. For the courts to issue an order to sequestrate your money, there needs to a judgement against you to show that there is a debt. This has to be on an individual basis.
The way around that for the Hacienda is as long as they have the bank name, Iban, Bic , etc; & an offence has been committed in Spain that makes legal an embargo they can apply to a Spanish court for a EUropean Court Order which would allow then to apply to the UK for enforcement , which cannot be defended in the Uk , only in Spain & would have to be complied with by the UK bank.
That is the road I can see the scum going down.
johnzx wrote " f I lie to my account why should she be in trouble ! "
& if she /they lie to me why should I ?
Why should it be a civil offence regardles of what errors , ommisions, lies, etc; that a so called assessor tells ?
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Todos somos Lorca.
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Gus
johnzx wrote " if I lie to my accountant why should she be in trouble ! "
I assume the accountant will get us, the client, to sign a hard copy of the form. That being so, then when I sign it becomes my form.
That was the same when I was working and took a statement from someone. They read it through and signed it. It thus was their statement and they were criminal liable if they had lied.
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My understanding is that Premium Bonds are treated as govt. securities and fall into the second category as such.
A gestor can print out a full copy of the declaration before submitting it, so that it can be checked by the declarant. I suggest anyone using a gestor insists on this, since in my experience they are very prone to making simple mistakes when interpreting or even simply copying supplied information.
From a rival site (never to be mentioned by name here!): A recent report on national Spanish TV makes it clear that expats have good reason to be worried about a new law obliging them to declare their assets outside of Spain. (see video)
Los residentes en España con bienes en el extranjero tendrán obligación de informar a Hacienda
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"Get your facts first, then you can distort them as you please"
Mark Twain
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this seems to becoing a soap opera.
As I,ve said before why would anyone give the levels of detail ststed in this thread to authorities that might just might give you a haircut that we in Canada are used to on our military.
If any of you think that Spain has the capability to search for expat accounts or properties you are deluded.
They dont even know is in the country.
Rossetti
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rossetti speaks the truth
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i coldnt stay away from you miserable whining whingers for some reason
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So, Rossetti, is it not true that residents in France (and Canada) have to report overseas assets? (Bobaol, 2nd April 18:42)
_______________________
"Get your facts first, then you can distort them as you please"
Mark Twain
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this seems to becoing a soap opera.
As I,ve said before why would anyone give the levels of detail ststed in this thread to authorities that might just might give you a haircut that we in Canada are used to on our military.
If any of you think that Spain has the capability to search for expat accounts or properties you are deluded.
They dont even know is in the country.
Rossetti
How did they find all those "Forgot to mention" bank accounts in Switzerland then?
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" How did they find all those "Forgot to mention" bank accounts in Switzerland then?"
They didn't The Swiss told them In the case of the Santander family HSBC told hacienda under normal inter-country reporting.
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Todos somos Lorca.
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Gus As I understand the order you referred to, it only applies to civil and commercial matters, and specifically it says "The procedure does not extend to revenue, customs or administrative matters". I don't see how this can be used as you describe.
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Roberto - Thanks for your understanding that Premium Bonds are treated as Government securities, I'll email National Savings again today and ask them for their formal confirmation on this point, for me it will mean one less entry in class 1 and none in class 2.
baz 1946 - this seems to becoming a soap opera.
As I've said before why would anyone give the levels of detail stated in this thread to authorities that might just might give you a haircut that we in Canada are used to on our military.
Most people are trying not to make it a soap opera, most people are still seeking to understand in some areas, the example being above where it is not entirely clear where Premium Bonds sit.
In answer to your second point, no one wants to give this information, it is requirement of the law that has been passed and the initital penalties for which are, ' A fine of €5,000 per each piece of unreported data, with a minimum of €10,000 '.
Spain probably doesn't know exactly who is in the country, but this law applies to all people who are tax resident in Spain and therefore they know that they are... and these - for now - are the only people affected.
People must make their own choice on what they will do, for me any serious input is and always will be welcome.
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baz1946 - My apologies to you, I've just seen that the original comments on ' this seems to becoming a soap opera.' were made by Rossetti on 3rd April at 19:13 and not by you... my response should have been directed there.
No offence intended to anyone trying to fully understand this law.
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" Gus
As I understand the order you referred to, it only applies to civil and commercial matters, and specifically it says
"The procedure does not extend to revenue, customs or administrative matters".
I don't see how this can be used as you describe."
That's a relief then.
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Todos somos Lorca.
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How did they find all those "Forgot to mention" bank accounts in Switzerland then?"
They didn't The Swiss told them In the case of the Santander family HSBC told hacienda under normal inter-country reporting.
Exactly my point, their are some that just cant grasp the fact that tax offices all over the civilised world are talking to each other.....behind our backs.
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baz1946 - My apologies to you, I've just seen that the original comments on ' this seems to becoming a soap opera.' were made by Rossetti on 3rd April at 19:13 and not by you... my response should have been directed there.
No problem at all, no offence taken.
Thanks for saying so.
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