Blaming the assets law for cgt

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!

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.

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.

 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.