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SOLTIMES JANUARY 2013
25
By Bill Blevins, Financial Correspondent, Blevins Fr anks
What Does 2013 Have In Store, Ta x Wise?
New reporting law The big story here in Spain is the new asset reporting law. The first reporting deadline is now 30th April 2013; in future years it will be 31st March. All Spanish residents have to declare assets held abroad if the value of each class amounts to €50,000 or more. The penalties for failing to comply can be devastating. It is possible, for example, that you would need to pay more than the total sum held in your offshore bank account. You therefore need to make sure you get it right and should seek advice from a firm like Blevins Franks on what you need to declare. 2013 budget Those with worldwide chargeable assets above the wealth tax threshold will be hit by the tax for another year, as it has
been extended to apply for assets held as at 31 December 2013. From 1st January 2013, capital gains on assets held for less than 12 months are taxable at your marginal income tax rate, up to 52%, instead of the fixed rates (21% to 27%) applicable to investment income and gains. Lottery winnings over €2,500 are now subject to tax at 20%. 2013 income taxes Income taxes remain high. An additional contribution of between 0.75% and 7% is added to the scale rates of income tax for 2012 and 2013 income. Additional tax of between 2% and 6% applies to savings income for the same period. You may see a noticeable increase in your tax bill when you prepare your 2012 return. Speak to an adviser like Blevins
Franks to find out how you can reduce tax on your savings, investments and wealth. The future? There is a general worldwide move towards exchanging information and levying taxes at rates not seen for many years. The world is changing, but there are still ways to protect your assets, and these are becoming more and more important as countries adopt austerity budgets. Seek advice from an established professional tax and wealth manager in Spain like Blevins Franks. Summarised tax information is based upon our understanding of current laws and practices which may change. Individuals should take personalised advice. To keep in touch with the latest developments in the offshore world, check out the latest news on our website www. blevinsfranks.com
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