Blaming the assets law for cgt

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08 Jun 2013 13:55 by camposol Star rating in Camposol. 1408 posts Send private message

Did you see the front page of the freebie paper, Round Town News? Costa Blanca News ran the same story last week. An ex pat resident sold his house in UK this year, having entered  details as required on the assets form.  Faced with the information by his accountant that he would have to pay a 30,000 euro cgt bill next year, he was advised to go back to the UK and become non resident in Spain to avoid it, though I imagine he would have to pay it in UK?

He and his partner are both blaming the new assets law-why? Even if this law did not exist he would have been liable for cgt. Is he saying that he would never have mentioned it if there hadn't been a law, in which case it would have been tax evasion.

I hate the assets law, but they can't blame it for their problem!

While we're on the subject, read the motoring page by Brian Deller, author of "Motoring in Spain", for his take on it-controversial!





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08 Jun 2013 15:23 by Kathyslad Star rating. 329 posts Send private message

There's a letter in the Costa Blanca news this week, saying that some people have received tax demands, between a few hundred and a few thousand. It also says that the Hacienda have asked for, and been given information about UK bank accounts. Not sure this is true.

There has been some discussion about this on another forum.



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08 Jun 2013 15:54 by I_Love_javea Star rating in Gibraltar / Morocco .... 125 posts Send private message

Minimise your tax liabilty by buying good professional advise and guidance - the more you pay the more you save. Of course you need to have considerable assets in the first place or it is probably a waste of time. I have always found it great value for money.

 



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08 Jun 2013 16:01 by baz1946 Star rating. 2226 posts Send private message

There's a letter in the Costa Blanca news this week, saying that some people have received tax demands, between a few hundred and a few thousand. It also says that the Hacienda have asked for, and been given information about UK bank accounts. Not sure this is true.

 

You can bet your boots it's true, even Switzerland tells the UK inland revenue about bank accounts now, and has done for a few years past.

 





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08 Jun 2013 16:20 by kathyslad Star rating. 329 posts Send private message

 I didn't make my point clear. I know that the Inland Revenue will provide the Hacienda will details of accounts etc, under the agreement. However, the letter implied that they had got detailed information about transactions direct from the Bank. What made it odd,  was the letter said it was about the 720, and yet its only 5 weeks ago that they were submitted. I found it odd, firstly that they had got information dirrect about transactions, and secondly that it was done so quickly. 

 

It could of course been about something else they had been investigating.





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09 Jun 2013 08:45 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
There is absolutely NO WAY that Hacienda could have received and analysed the 720 forms, worked out by some strange algorithm that some tax is due from it, AND issued tax demands arising from the 720 !!!

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10 Jun 2013 13:33 by elaineG Star rating in Spain . 409 posts Send private message

 

I have not read the story in the Costa Blanca News, but it is very likely that the person explaining what happened, incorrectly jumped to conclusions that the demand was connected to  the 72 Declaration.     That was precisely what happened in the ‘720 story’ on the front page of RTN. In that case it was nothing to do with the 720 declaration, but Capital Gains Tax which has been obligatorily payable in Spain for many years.
 
In the Costa Blanca News story, as the tax authorities have been freely exchanging info for years, it is more probably that Hacienda became aware of the failure to pay tax due,  through the existing system.     Example. The banks in Gib send info directly to Hacienda and HMRC.
 
 




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