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The Spanish Tax Office is desperately trying to
increase its tax revenues. In 2012 Hacienda ran a
tax amnesty which wasnt particularly successful
and then announced a separate initiative
requiring offshore assets to be disclosed by way
of an annual return-the now infamous Modelo 720.
Whilst the sanctions for not completing or
providing incorrect information were significant,
in some cases this could be more than the value
of the asset itself, it is thought that less than
5 of those required to complete actually did so.
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You could be forgiven for thinking the problem
has gone away and the authorities are giving up
trying to cajole people into declaring their
asset base and paying the correct amount of tax
due. Not so Hacienda has now decided to go on a
recruitment drive and employ several thousand
additional tax inspectors to specifically target
different nationalities, British being their
first priority. So if you didnt complete Modelo
720 now might be a good time to come up with a
good excuse or else expect some nasty interaction
with the authorities over the coming months.
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Of course one of the tried and tested arguments
is the I am not Spanish resident option despite
spending more than 183 in Spain and triggering
automatic residency status with the requirement
to complete a tax return. People should realise
how easy it is for the tax office to track length
of stays in a particular country.Hacienda has
already engaged with the major utility companies,
electric and phone to obtain records to establish
patterns of residency and the Guardia Civil have
been asked to check up on all foreign registered
cars (often using road blocks) to identify those
outstaying their welcome. Fall foul of this rule
and you can trigger a nasty investigation, we
have seen the letters issued by Hacienda and the
consequences on unsuspecting expats who have
spent too long in Spain without declaring their
residency.
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There is another area where Hacienda has begun to
bite. Spain was very quick to sign up to an
agreement FATCA between major European
countries, UK, France, Germany and Italy included
which provides automatic exchange of information.
According to our source the UK and Spain
constantly exchange information about individuals
where there is a suspicion that tax is not being
paid in the right jurisdiction. One stray bank
statement sent to an address in another country
and automatically copied to the tax authority can
lead to no end of problems.
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Hacienda really has got its act together and is
rigorously pursuing those with undeclared assets
and those who spend more than 183 days in Spain.
Of course it is impossible to rectify past
mistakes and make retrospective amendmentsto your
residential status or where you hold your assets.
What we can do however is help you make the right
decisions moving forward and help you put your
affairs in order.
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More Information
If this is a course of action you would like to
take please contact a certified financial planner
on Tel [phone] or email enquiries_at_fiduciaryweal
th.eu for financial advice on your tax planning
and financial planning needs. Visit
http//www.fiduciarywealth.eu.
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Contact Us
London office 45 Welbeck Street London W1G
8DZ England Tel [phone]