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Finance
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Friday, 05 February 2016 |
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It is important to review your tax planning
from time to time, to check that it is up to date and that you are using all
the opportunities available in Spain to reduce tax liabilities for yourself and
your heirs.
So far there have not been many tax changes
for 2016, and income taxes are just a little lower than last year.
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Finance
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Tuesday, 05 January 2016 |
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The New Year
is an excellent time to carry out a “wealth-review” to make sure your money is
working as well as it can for you. Spending a little time now will help you
preserve your wealth over the long term to meet your financial objectives.
Things to check include whether you are up to date with the latest developments
in Spain and internationally that affect you.
Also, do you have a considered, strategic tax and wealth management plan
in place? And has there been any change
in your circumstances since you last reviewed your affairs?
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Finance
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Tuesday, 05 January 2016 |
In the 2015 UK summer budget
Chancellor George Osborne introduced his ‘family home allowance’, increasing
the inheritance tax threshold to a potential £1m. Inheritance tax is considered
one of the most unfair taxes in the UK. Many people resent the government
taking the hard-earned money they want to leave to loved ones – money they have
already paid tax on. So the fact that most family homes will now be exempt from
the tax is welcome.
It is good news even if you live in Spain,
as the new allowance can apply to property outside the UK, if you meet certain
conditions.
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Finance
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Tuesday, 08 December 2015 |
Chancellor George Osborne presented his Autumn Statement,
along with the Spending Review, on 25th November. It did not include many tax changes this time.
This article summarises the announcements that may affect expatiates, depending
on your situation.
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Finance
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Tuesday, 08 December 2015 |
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In 2012 the Spanish government announced that everyone
resident in Spain will need to start declaring all their overseas assets worth
over €50,000. Modelo 720 (Form 720) was created for this purpose, and this
obligation is separate from, and extra to, the annual income tax and wealth tax
returns. The penalties for failing to
report assets are very high.
Earlier this year the European
Commission (EC) reviewed the legality of Modelo
720 after several complaints
submitted by different parties, including law firms and tax adviser
associations in Spain.
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