Assets declaration, form 720

Any one download the form 720,   Assets declaration,  and submitted it themselves ?

I would be grateful to know how you did it

Thanks

Go to this page

https://www.agenciatributaria.gob.es/AEAT.sede/tramitacion/GI34.shtml

then you do a draft by clicking on

Borrador de la declaración sin certificado (no válido para su presentación)

Then you can submit the real thing be clicking on

• Descarga de fichero de modelos presentados

You will need a electroniic signature or a pin code to use this service

I wonder if anyone can tell me by what margin your assets needed to increase over last year to be required to file a 720 this year (assets and classes unchanged)

We have roughly a 8/10% increase due to the exhange rate and on top of that anyone with property is looking at 3/8% increase in value depending where it is 

Edited to say

Talking about UK pounds and property prices

Team GB:   As I understand it:

If any group increase or decrease by 20,000 euros (not the currency of the country where the asset is) from the previous declaration, so a change in the exchange  rate plays a part.

Also if you open or close any account which you have previously included in a declaration.

Exchange rate to be used is that at midnight on 31^st December for the year which is being declared. So this year I believe it is 1.28 euros to the pound (i.e.0,77890 pounds to the euro -- so divide 100 by that for euros to GBP)

Bank of Spain official rates for 31.12.14

http://www.boe.es/boe/dias/2015/01/03/pdfs/BOE-A-2015-56.pdf

Thanks for the info

Why would you report a decrease of 20k.Not heard that one before

Also! I thought you had to report whether any asset  in the category had increases by 20 K, not the category as a whole?

So, if 5  assets in the category each increased by 4k, you wouldn't need to, but if one asset increased by 20k , you would.

Johnzx- are you doing your own because of possible mistakes by an accountant?

My accountant queried about the closure of a small savings account, and the tax office said the changes were too insignificant to justify resubmitting.

I daresay Haciendas in different regions differWonder what the exchange rate will be December 31st 2015?

Next year there will be a lot more submissions.

Assets will rise steeply, without having to add to them!

PS- the Guru Blevins Franks States ........if any asset grew by 20 k,  720 needs to be resubmitted

No mention of resubmission if assets decreased by 20 k.

This message was last edited by camposol on 11/03/2015.

Just to be clear, you are declaring the purchase cost if a property, NOT the current value, so any changes in property prices are irrelevant, it's only the exchange rate that affects the need for redeclaration 

So, are prroperty owners expected to get a official valuation every year or take a stab at it with information provided by the likes of rightmove?

I would of thought that they (tax office) are only interested in two figures, the date and acquistion price and the date and price of disposal

Ah Kathyslad

Our posts must of crossed. so I don't need to resubmit this year if my only assets are property that have been submited before?

Kathyslad.

Am I correct that a house, say in UK,  which cost say £100,000 in 2012 and say the exchange rate at 31st Dec 201  was 1.23, should have been declared as asset value 123,000.€

With the  exchange rate at 31.12.2014  at 1.28  the asset value for the 720 is now 128,000

Thus a changing exchange rate will affect the value declared every year ?

But you don't need to declare it every year, only if the difference is 20,000 or more. Therefore the value would have to be £400,000 or more to increase that much.

mariedav  

Thanks for that post, It repeated what I had said in my post  "If any group increase or decrease by 20,000 euros (not the currency of the country where the asset is) from the previous declaration, so a change in the exchange  rate plays a part."

However, I should have added that a Declaration is required also if any account or asset, previoulsy reported, is closed / disposed of.  Last year an investment in a Building Society matured and we transferred the amount to another account in the same branch. That meant another Declaration for both my wife and myself.  (nice little earner for the gestor !! ).

Johnzx you said in a earlier post - if any GROUP  increases by 20 k

Surely, it is any ASSET within that group?

Makes a lot of difference .

It seems gestors and accountants interpret differently whether to resubmit when an account is closed within the same bank.

Really, it should only be declared if you close your whole accounts with that bank and start up with a new bank

It also appears that one is charged for a whole new declaration, just for one thing that's changed.

That is indeed a nice little earner!

Interesting point Campo.  It woud appear it is if oneitem in a group increases etc.

However in my personal situation one account did increase by 20,000 so I must make the return. 

Another, joint account,  also increased by that amount,  and as I read it, then my wife must make the declaration too, albeit that it is 50% / 50% account.

Anyway I feel it is better to make the declaration as not doing so when it is required means a minimum fine of 10,000 euros, with an additional 5,000 euros for each item undeclared after the first 2,  PLUS a fine of up to 150% of the asset not declared.

Extract from 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

This is a quick Bing Translation of one part. I made part of it bold.

In the year 2013 there will be no requirement to submit the model 720 with respect the obligation of information about real estate abroad (article 54 bis of the General Regulation approved by RD 1065 / 2007, of 27 July). There is no requirement to submit the model 720, regarding the obligation to information about accounts in financial institutions situated abroad (article 42 bis of the General Regulation approved by RD 1065 / 2007, of 27 July) since the joint balance (total) in the last quarter and the joint (total) balance at 31 December none of them has been increased by more than €20,000 with respect to amounts that determined the obligation to declare in the last year of its presentation, in this case the previous year (provided that you also do not concur no other cause that obliged to his presentation, as it would for example be the transmission or if cancellation of any of them).

The Brussels Declaration, called EU Pilot 5652/13 / TAXU, concluded that the law governing 720 tax declaration infringed Community law in two aspects: the penalty system as non proportionate and its applicability as sanctions possibilities do not expire.  

Brussels has expressly stated that "intends to deepen this aspect of research and propose the opening of an infringement procedure"