Uk owned share
Uk owned share
Anyone know if I have to declare gains in my uk owned shares (savings money) , they are not held within a pension, here in Spain as a tax resident thanks.
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Re: Uk owned share
You mean a gain that is crystallised by selling it? Or just a gain in the fluctuation of the price, even if you did not sell it?
When you say declare do you mean for the purposes of paying income/capital gains tax?
You may also have to declare it on your Modelo 720 if you have assets abroad more than 50k in that category.
When you say declare do you mean for the purposes of paying income/capital gains tax?
You may also have to declare it on your Modelo 720 if you have assets abroad more than 50k in that category.
Re: Uk owned share
Yes I mean crystallised gain, it's not exactly income as such though from working so I would have thought more capital gains.
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Re: Uk owned share
I would think that provided the shares are worth less than 50,000 Euros (so declarerable on Form 720) and the value is not taken as income by selling some, there is nothing to tax?
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Re: Uk owned share
The short answer is yes you have to declare the gain and pay tax.marios wrote:Yes I mean crystallised gain, it's not exactly income as such though from working so I would have thought more capital gains.
Capital gains are treated as savings income (renta del ahorro) and the rate is between 19-23%
You could argue it is taxed as income, because you declare it as part of the modelo 100. Which is the equivalent of a UK tax return for income tax etc. You do get a tax free allowance, but that tax free allowance is to be used against all your income (including capital gains). It is not like other countries where you get a specific capital gains tax allowance.
If you are over 65 and invest the proceeds in a whole life annuity then you don't have to pay the tax.
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Re: Uk owned share
I have a bunch of money in funds managed by a well known finance company here in Spain. When I sell (crystallise) some funds to get spending money the company pre-pays the tax due on the capital gain to the hacienda. Normally I do this in December. When I file my tax returns in the following year, we are normally below the personal allowences and the prepaid tax is returned within a couple of days of the return being filed.
As already mentioned if you hold more than 50K it has to be declared on a 720 at least once. Subsequently redeclaring if it's value increases by more than 20K over the value of the previous declaration.
Not sure how the tax situation would work with UK held funds as I haven't sold any of mine yet. Of course that also has to be declared on the 720, subject to group total value greater than 50K.
As already mentioned if you hold more than 50K it has to be declared on a 720 at least once. Subsequently redeclaring if it's value increases by more than 20K over the value of the previous declaration.
Not sure how the tax situation would work with UK held funds as I haven't sold any of mine yet. Of course that also has to be declared on the 720, subject to group total value greater than 50K.
Regards
Bob
Bob
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