Time is running out if you bought your property in Spain with capital imported from the UK
How is this for unfairness ? Three or four years ago - three friends (amigos) living and working in the UK decided to ‘export’ their tax paid savings as a lump sum to Spain where they all went every year to holiday - and have some adventure. The first amigo spent the income from his lump sum - paid to him by his Spanish bank - on wine, women and song - and had a good time. The second amigo gambled his money – every month - on the Spanish lottery - sometimes winning – sometimes losing – and spent some time at the casino too. The third amigo put down a deposit on a house in Lanzarote - purchased with the help of a mortgage in Spain – the value of which floated up to double its original cost with rising prices. In October 2006 the UK revenue authorities – announced that it was forming a ‘task force’ - to seek out UK passport holders who had made capital gains from their investment abroad - including those still living – as well as those who had died (and passed those gains on to their
dependents). This included looking for all the capital now abroad - and gains - that they can find - to tax. In 2007 - when their new software and systems ‘kick in’ - they are expecting plenty of tax from people like the third amigo. The Inland Revenue will not – however - be interested in the first – or second - ‘amigo’. Only in taxing the sensible – and wealthier – third. This - like so much of the current invasiveness of UK authorities - is grossly unfair - to those families who have - or want to use their hard earned tax paid money in a constructive way. Happy Ending If you have brought capital from the UK - to Spain - to invest in the quality of your family’s life - through property here – AND - IF you act quickly – you still can effectively – honestly – and permanently – blindfold the UK (or Ireland) revenue services - and never be taxed on your assets in Spain. WHAT SHOULD YOU DO?
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Published on Mar 19, 2010
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