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?
Get the facts at our open days ...
Natura Puerto del Carmen, , Old Town Harbour, ero : rad low Ve be de n ida ow en sh O’clock as Restaurant, Av ese will be held at 11 either Puerto Bahia Th at . ld ise he gu Te are rs sta na Co mi lf, del Go ation se A series of free inform the Golf Club, Avenida te, Playa Blanca, or aro nz La lle lub, Costa Teguise to del Carmen Ca , C tel f Palace Ho er osta Teguise Gol
n, Pu 17th Jan – C estaurant, Old Tow ise R ia ah B to er Pu – gu ta Te 24th Jan guise Golf Club, Cos 31st Jan – Costa Te lace Hotel, Playa Blanca en n, Puerto del Carm w To ld O 7th Feb – Natura Pa t, an ur and to reserve ta ia Res ah B in.com for directions to pa er ks gt Pu – e@ l de b : ail Fe 14th 2 609 or em organise a persona
to cover – or 6 542 or 676 56 ain you would like us Dee Gillon on 928 34 Sp ll in ca e life t as ou ple ab so ns ed erv any questio Places need to be res email – or send us uest an agenda by req n ca u Yo t. at. tha se your you prefer on a specific topic if home visit interview
Contact us for information on
928 346 542
or - come to a Getting to know Spain open day
gtk Spain www.gtkspain.com
Getting To Know Spain knowledge base brought to you by The Quill Group