WEALTH TAX

[TheCooler]

I understand that I have to pay a Non residents rental tax.

Even though I am nowhere near to paying the wealth tax do I still have to

Submit a wealth tax form as an owner.

Many thanks in advance.

[emmi]

As far as I understand it the Wealth Tax was abolished and now it is the Non Renta Tax only.

[TheCooler]

Wealth tax reintroduced sept 2011
Tax free allowance €700, 000.

[emmi]

That's sneaky of them.  So, looks like you'll be paying both taxes then!!

[TheCooler]

I'm about €600,000 short for the wealth tax.

They should introduce a poor tax.. I might qualify.

[DaveW]

I don't think that wealth tax was actually abolished but set at zero percent. It has since had a positive rate set for the 700,000 + level.

[Linzi]

Any idea of an up to date site ,regarding tax in spain,as I understand I will have to pay tax in spain on my UK accounts interest,not in the UK

[emmi]

This may help

http://www.hmrc.gov.uk/international/dta-intro.htm

[oystercatcher]

Surely doesn't wealth tax only apply to people tax resident (live here 183 days per year)?  So not to non-residents?  This is a question, not an answer.

I recently saw that a tax return of assets held outside Spain has to be filed. Again I assume by tax residents only. 

Most countries have ageements with most other countries to follow a standardised approach to international tax.

The normal convention is that a country will charge its tax residents (people resident for 183 days a year) on income and assets worldwide (subject to an allowance for taxes paid outside their country) but will only charge non-residents tax on income arising (or deemed to arise!) in that country.

It would fly in the face of standardisation if a UK tax-resident Brit with a property in Spain had to pay Spanish tax on assets held (and taxable) in the UK or elsewhere other than Spain.