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 David Bowern


 

 

   

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 David Bowern
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Spanish Taxation In 2016
Friday, 05 February 2016
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. 

 
New Year Financial Planning Review
Tuesday, 05 January 2016
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? 
 
UK Inheritance Tax Reform
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.

 
The UK Autumn Budget
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.

 
Does Modelo 720 Infringe EU Law?
Tuesday, 08 December 2015

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.

 
Not All Portfolio Bonds Are The Same
Tuesday, 10 November 2015

With the Common Reporting Standard – the new global regime for the automatic exchange of financial information – commencing in January, this is a good time to review your tax planning to ensure it is fully compliant in Spain and also that it is as effective as it can be. 

Tax efficient investment wrappers, offered through a Spanish compliant bond, can be very effective in Spain.  You can hold different types of investment within a bond, and they provide considerable tax advantages as well as succession planning benefits.

 
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