Implications for owning a house in both uk and spain
Hi
Last year we bought an apartment in Spain.
We intend to move to Spain permanently in March.
My question is, what are the Spanish tax implications if we keep our house in the uk and use it to help finance our life in Spain? We have been told that if the Spanish government find out, they will tax you heavily. Since we are intending to declare the earnings on our uk tax returns, and the amount totals to much less than our joint income allowance, why would it be taxable in Spain?
On arriving in Spain next month, we intend to meet with a Gestor to discuss residentia and our options.
We fully intend to make this move legal, but, if true, can't understand why we would be taxed for property in the uk.
Any help and information on this matter would be very much appreciated and thanks in advance.