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Taxes

Posted: Wed Mar 31, 2021 4:22pm
23 replies872 views8 members subscribed
Gazmax

Posts: 10

Location: Zúrgena

Joined: 8 Nov 2020

Hi

Could anyone advise me re taxation after brexit.

Do you just pay tax in the uk on your uk pension or do you have to pay Spanish taxes as well

Lmj18

Posted: Wed Mar 31, 2021 4:30pm

Lmj18

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Posted: Wed Mar 31, 2021 4:30pm

You need to be a bit more specific. Assuming you’re a resident ? Is it state pension, a personal pension, Sipp, occupational pension, government pension etc..

Gazmax

Posted: Wed Mar 31, 2021 4:57pm

Gazmax

Original Poster

Posts: 10

Location: Zúrgena

Joined: 8 Nov 2020

Posted: Wed Mar 31, 2021 4:57pm

Lmj18 wrote on Wed Mar 31, 2021 4:30pm:

You need to be a bit more specific. Assuming you’re a resident ? Is it state pension, a personal pension, Sipp, occupational pension, government pension etc..

Hi

It would be a mix of state and private pensions, we would be living in Spain

Alicia 11

Posted: Wed Mar 31, 2021 6:56pm

Alicia 11

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Posted: Wed Mar 31, 2021 6:56pm

Gazmax wrote on Wed Mar 31, 2021 4:57pm:

Hi

It would be a mix of state and private pensions, we would be living in Spain

you pay tax in Spain as a resident on all of your worldwide income, including anything that would be tax free in the UK. i.e. Premium bonds winnings. ISA interest.  The allowances here are less than the UK but depend on your ages and where you live.  You must make a tax return for the period 1 Jan to 31st Dec every year unlike UK's April to April.  You also have to do a declaration of any assets you have that are over £50k which are not taxed on at the moment, but if you don't declare them they can fine you.

Gazmax

Posted: Wed Mar 31, 2021 8:32pm

Gazmax

Original Poster

Posts: 10

Location: Zúrgena

Joined: 8 Nov 2020

Posted: Wed Mar 31, 2021 8:32pm

Alicia 11 wrote on Wed Mar 31, 2021 6:56pm:

you pay tax in Spain as a resident on all of your worldwide income, including anything that would be tax free in the UK. i.e. Premium bonds winnings. ISA interest.  The allowances here are less than the UK but depend on your ages and where you live.  You must make a tax return for the p...

...eriod 1 Jan to 31st Dec every year unlike UK's April to April.  You also have to do a declaration of any assets you have that are over £50k which are not taxed on at the moment, but if you don't declare them they can fine you.

Many thanks for your prompt respo

Gazmax

Posted: Wed Mar 31, 2021 8:32pm

Gazmax

Original Poster

Posts: 10

Location: Zúrgena

Joined: 8 Nov 2020

Posted: Wed Mar 31, 2021 8:32pm

Many thanks for your prompt respon

Lyn77

Posted: Thu Apr 1, 2021 1:47pm

Lyn77

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Posts: 307

207 helpful points

Location: Mojacar

Joined: 25 Feb 2017

Posted: Thu Apr 1, 2021 1:47pm

State pensions are taxable in spain, but UK government occupational pensions. i.e.  Police civil service, local council, fire service etc are taxable only in uk under a double taxation treaty between UK and Spain, but the income must be declared.  I suggest you get yourself an English speaking asesor (accountant).  Saves alot of hassle. 

Gazmax

Posted: Thu Apr 1, 2021 2:34pm

Gazmax

Original Poster

Posts: 10

Location: Zúrgena

Joined: 8 Nov 2020

Posted: Thu Apr 1, 2021 2:34pm

Alicia 11 wrote on Wed Mar 31, 2021 6:56pm:

you pay tax in Spain as a resident on all of your worldwide income, including anything that would be tax free in the UK. i.e. Premium bonds winnings. ISA interest.  The allowances here are less than the UK but depend on your ages and where you live.  You must make a tax return for the p...

...eriod 1 Jan to 31st Dec every year unlike UK's April to April.  You also have to do a declaration of any assets you have that are over £50k which are not taxed on at the moment, but if you don't declare them they can fine you.

Many thanks

Alicia 11

Posted: Thu Apr 1, 2021 3:20pm

Alicia 11

Very helpful member

Posts: 788

723 helpful points

Location: Mojacar

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Posted: Thu Apr 1, 2021 3:20pm

Lyn77 wrote on Thu Apr 1, 2021 1:47pm:

State pensions are taxable in spain, but UK government occupational pensions. i.e.  Police civil service, local council, fire service etc are taxable only in uk under a double taxation treaty between UK and Spain, but the income must be declared.  I suggest you get yourself an English s...

...peaking asesor (accountant).  Saves alot of hassle. 

my husband's army pension is under the tax limit in the UK so no tax paid but is taken into consideration for worldwide income in Spain and therefore taxed in Spain. 

Lyn77

Posted: Thu Apr 1, 2021 4:13pm

Lyn77

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Posted: Thu Apr 1, 2021 4:13pm

Obviously not classed as a government occupational pension.  You can always look it up on a uk Government site, I'm not sure about that myself.

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