Yet another 720 query

Now that that happy time has come round again, I have a question for you Financial wizards;I know that you have to submit it again if you close an account,but what if  an account that is on a yearly basis,(as it has a higher rate of interest) closes, the contents transferred to another existing  savings account within the same bank, then the yearly account reopens under the same description, but different account number. The amount is  under 3000 euros.

In effect, it is the same account but stops then restarts.

Hope I've made it clear!

hi camposol

i will follow this thread to see if you have any replies

as i am in the same situation.

Campo, as you say that time has come around again.

I am a bit perplexed that you say if one closes an account, which was declared last year,  then one must make a declaration this year.  I have search but was not able to find that. 

I know that if  the value in one of the three categories increases by more than 20,000 €,  a return is required. 

If I have I missed or misunderstood something,  please tell me.

http://www.agenciatributaria.es/AEAT.internet/Inicio_es_ES/La_Agencia_Tributaria/Campanas/Declaraciones_informativas_2012/_INFORMACION/Ayuda/Preguntas_frecuentes__Modelo_720/Frecuencia_en_la_presentacion_de_la_declaracion.shtml

“Una vez presentada la declaración del Modelo 720 respecto de una o varias de las obligaciones de información contenidas en el mismo (a la que se hace referencia en la pregunta nº 1), solamente deberá volver a presentarse este Modelo, cuando en relación con una o varias de estas obligaciones se produzca un incremento del límite conjunto establecido para cada bloque de información superior a 20.000 euros respecto del que determinó la presentación de la última declaración”

My accountant says I just  have to declare  an account which has been   closed  or opened in 2013, not tothers already declared.The reason it was closed was, it is a yearly one which pays a little(and i mean a little!) more interest. Then it starts up again under a new account number, which is a pain, as more form filling etc.

Aparrently any account which is closed, or opened has to be declared. Someone, on another forum said he  submitted the 720, closed his bank accounts  the next day, and reopened them with new numbers to make it harder for the Hacienda;now the joke is on him.Perhaps he'll just  take a risk  and not submit another 720!

Thanks Campo, no reflection on your accountant, but as I cannot ask him/her, can you (or anyone else please)  point me to the info by Hacienda which says that is a requirement ? 

PS  I have just found that on:-   http://www.blevinsfranks.com/News/BlevinsFranks/BlevinsFranksNews

Anyone know any more about the requirement ?

John, I'm not clear whether you are saying Blevins agree with Camposol's accountant or not? To me their article is slightly ambiguous: "If you submitted a report in 2013, you do not need to report in subsequent years if you do not acquire any new assets or dispose of existing ones, and the value of those already reported does not increase by more than €20,000."

In the meantime, Camposol, I suggest you refer your accountant to the Agencia Tributaria website link John posted. I can't see any mention of disposal of assets previously declared, only about declaring again only if one or more of the 3 categories of assets has increased by 20,000€ or more since the previous declaration.

Of course, if you became a tax resident during 2013, you'd be liable to file a 720 now, so that would include all those who shifted their life savings out of Spanish banks last year (me), or who sold a property and sent the money somewhere safer.

Thanks Roberto, for your post.