Good evening, Last year I sold all my overseas assets and don’t intend on having any more.
I have declared on 720 in the past - the last time in 2019. Should I declare the sale? I will be declaring any profits in the next Renta.
Thanks for advice
720
Re: 720
Property i presume? Is there anywhere on the form (mines at the back of my cupboard!) where you put in the sold price etc) if not then i guess they will know when you declare for CGT
Cid and beech will know and help you out I'm sure
Cid and beech will know and help you out I'm sure
Re: 720
Just been reported that the fines given to some over the 720 have been declared illegal due to how excessive they were. This has been going through the courts for years. Those people will be able to reclaim them. The need to declare still stands
Re: 720
The First Chamber of the Court of Justice of the European Union (EUCJ) has issued a judgment declaring illegal Spanish tax Form 720, for restricting free movement of capital by imposing on Spanish residents an obligation to declare assets abroad that does not have its equivalent with respect to assets or rights located in Spain. The purpose of guaranteeing the effectiveness of tax controls to combat tax fraud and evasion has not been considered sufficient motivation to justify this difference in treatment.
Sourse https://www.uhy-fay.com/en/blog/the-eur ... -form-720/
Sourse https://www.uhy-fay.com/en/blog/the-eur ... -form-720/
Re: 720
As I understand it, the obligation to declare remains, it is not the 720 which has been declared illegal, just some of the sanctions for non compliance that have been considered overly punitive. Nothing really new there, this has been anticipated for some time.
Parilla
Parilla
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- Andalucia.com Amigo
- Posts: 72
- Joined: Sat Nov 15, 2008 12:37 pm
Re: 720
Am I understanding the article correctly that if you were fined for a late submission of the 720 that you no longer have to pay the fine? We are appealing against the extortionate amount they are trying to charge us from 2013 and are waiting to hear. Thanks for any help.andalucia wrote: ↑Fri Jan 28, 2022 4:06 pm The First Chamber of the Court of Justice of the European Union (EUCJ) has issued a judgment declaring illegal Spanish tax Form 720, for restricting free movement of capital by imposing on Spanish residents an obligation to declare assets abroad that does not have its equivalent with respect to assets or rights located in Spain. The purpose of guaranteeing the effectiveness of tax controls to combat tax fraud and evasion has not been considered sufficient motivation to justify this difference in treatment.
Sourse https://www.uhy-fay.com/en/blog/the-eur ... -form-720/
Re: 720
I would think you will still have to pay A fine but not the extortionate amount they have been charging people . I guess its probably abit early to see how it will work for those who havnt actually paid yet. Will the fine be scrapped and you start from scratch?
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- Andalucia.com Amigo
- Posts: 72
- Joined: Sat Nov 15, 2008 12:37 pm
Re: 720
Our original fine in 2013 was 3,000 euros EACH for filing the forms a few months late (well we filed them as soon as we found out about them) hence our appeal. This was reduced in December 2021 to 2,250 total as they said that the criteria for the fine had been changed. However in light of the new Ruling on 28 January 2022 we are keeping our fingers crossed this will be either reduced again or cancelled. Will update as soon as we hear.elusive wrote: ↑Sun Jan 30, 2022 6:02 pm I would think you will still have to pay A fine but not the extortionate amount they have been charging people . I guess its probably abit early to see how it will work for those who havnt actually paid yet. Will the fine be scrapped and you start from scratch?
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