We really want to move to Andalucia after I retire in March next year but I seem to be getting and reading different outcomes to similar scenarios to ours. So could someone please advise, we were nearly considering Portugal because of the ten year tax break and the right to enroll in their health service as people do in the UK however Spain is still our preference as we love the people and the place.
Our situation is and I'm sorry if people have read this before:
We will sell our UK house this year, buy an apartment here (UK) to live in until we move and then rent it out. I will retire in March when I will get a tax free pension lump sum (to pay off mortgage) and Voluntary /severance which will be taxed after the first £30K I will then be 58 so it is early retirement.
I believe we would have to move to Spain after June 2016 become tax resident in Jan 2017 and then I shouldn't have to fill out the tax return until June 2018 We will buy a townhouse or something when we get to Spain so I'm hoping we won't get throttled for tax on the sale of our house or pension and we will pay tax as normal on my pension and UK rental income.
Have I got this right or has there been recent changes which mean I could get clobbered.
Edited to change date
Confused Over Tax
Confused Over Tax
Last edited by jogger on Sun May 24, 2015 8:51 pm, edited 1 time in total.
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Re: Confused Over Tax
I think you mean you wont file a return till June 2018?
Re: Confused Over Tax
Yes, sorry, that is what I meant.infoseeker wrote:I think you mean you wont file a return till June 2018?
Re: Confused Over Tax
Is there anybody can advise on this please?
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- Andalucia Guru
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Re: Confused Over Tax
Yes, you are correct.
If you take your pension lump sum and do your property transactions before you become tax resident you should have no problems.
Sid
If you take your pension lump sum and do your property transactions before you become tax resident you should have no problems.
Sid
Re: Confused Over Tax
Thanks Sid
Roy
Roy
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