Children's Savings and Wealth Tax

Information and questions about the Law in Spain and Andalucia.
coopster
Tourist
Posts: 6
Joined: Tue Feb 02, 2016 2:58 pm

Children's Savings and Wealth Tax

Postby coopster » Wed May 04, 2016 7:33 pm

From next year I'm moving with my wife and kids to Spain full time and I'll be a tax resident so I'll have to fill out the Modelo 720. My children have junior ISAs and my in laws have opened savings accounts for my children that will remain with UK banks for the foreseeable future and I wondered if these need to be declared on my return? Grateful for any help. Thanks.

Shanebea
Tourist
Posts: 12
Joined: Tue Aug 13, 2013 5:49 pm

Re: Children's Savings and Wealth Tax

Postby Shanebea » Wed Jun 22, 2016 2:43 pm

Hi,
I'm no expert but have started looking into stuff recently and have some info that may be relevant.
Firstly UK tax advantages on ISAs etc do not exist in Spain once you become Spanish resident.
My advice is to contact Blevins Frank (google it) or similar for advice on how best to organise your affairs to minimise tax before you leave the UK. I wish I had known to do this!
Also very important to do this before you move if you own any UK assets or property or are likely to inherit any later on.
Best savings vehicles in Spain at present appear to be Spanish compliant investments. Blevins Frnak or similar can advise.
Hope this helps.

El Cid
Andalucia Guru
Posts: 13387
Joined: Sun Oct 24, 2004 10:42 pm
Location: La Herradura, Costa Tropical, Granada

Re: Children's Savings and Wealth Tax

Postby El Cid » Wed Jun 22, 2016 4:17 pm

coopster wrote:From next year I'm moving with my wife and kids to Spain full time and I'll be a tax resident so I'll have to fill out the Modelo 720.



Plenty of info on Form 720 here

viewtopic.php?f=42&t=30699

Info on Income Tax here

viewtopic.php?f=42&t=27576

Sid


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