ChiFRA

Wealth tax returns need to be submitted by the end of June 2016, for assets held at 31^st December 2015. Married partners need to make separate returns reflecting your share of any joint assets and liabilities in addition to any personal items.  If you are unhappy with your wealth tax liability now is the time to seek advice to see what you can do to reduce your tax bill next year.

Tax planning is a fundamental part of protecting and maximising your wealth.  Yet so many people do not review their tax planning often enough, or do not have all the knowledge they need to set up effective tax mitigation.

There are two key elements to tax planning.  The first is a good understanding of the tax regimes that affect you, so that you are fully aware of your tax obligations and how they impact your income and wealth.  If there are two regimes – for example, you live here in Spain but are also still affected by UK taxation – you need to know how they interact, which country you should pay tax in etc.  The second part is knowing how to apply the rules to your advantage and use compliant arrangements to lower your tax liabilities wherever possible.

For British expatriates, it may seem like financial sense to keep hold of your house in the UK. However, recent changes have generally increased the tax burden for owners of residential properties in the UK.

If you have UK property, it is important to understand what has changed and how you might be affected.

Many readers are enjoying their retirement years here in Spain, taking advantage of all the benefits living in Southern Spain has to offer.  You are reaping the rewards of all your hard work advancing your career, perhaps building up and selling a business, and the effort you put into accumulating your savings, investments and pension funds.  Some readers may have inherited capital, which has helped them achieve the dream of moving here.