Children's Savings and Wealth Tax
Children's Savings and Wealth Tax
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.
Re: Children's Savings and Wealth Tax
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.
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.
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Re: Children's Savings and Wealth Tax
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
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