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| | | Articles in this section are supplied by Andrew Southgate, Private Client Manager at Blevins Franks.
Find out more about Andrew on their website. | | Andrew Southgate | | | |
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Tuesday, 07 June 2016 |
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There are so many attractions and advantages
to living in Chiclana de la Frontera. However, some expatriates find the tax burden
in Spain quite high, especially if they are liable to wealth tax on top of
income tax.
Wealth tax returns need to be submitted by
the end of June 2016, for assets held
at 31st 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.
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Thursday, 28 April 2016 |
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.
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Thursday, 28 April 2016 |
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.
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Thursday, 14 April 2016 |
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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.
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Thursday, 14 April 2016 |
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In his eighth Budget as Chancellor of the Exchequer,
George Osborne announced very few changes that are likely to affect expatriates
on 16th March 2016.
The Personal Allowance is increasing to £11,500 in
2017/2018 (it will be £11,000 per person in 2016/2017), and the higher rate
band will apply to income in excess of £45,000 in 2017/2018.
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Tuesday, 01 March 2016 |
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We are fast approaching 31st March, the deadline
by which residents in Spain need to submit their annual Form 720 (Modelo 720) listing their overseas
assets, where applicable. If you have
previously submitted a form, you only need to declare assets if they have grown
a certain amount or you have sold or closed them.
Besides confirming what you have to declare this year, this
is also a good time to consider whether you are holding your assets in the most
tax-efficient vehicles for Spain. If you
have investments that were set up with UK taxation in mind, you may be paying
more tax in Spain than you need be.
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Finance