A good question!
This man will answer that,

(Deleted - sorry no ads on the forums)

Stephen has been most helpful in a very large way.

Drop him a line and then please post the answer as I am not a financial expert and cannot give a definitive answer. Or preferably - send me an email to. mtismee@gmail.com

I elected to pay my taxes in Spain as this is now my main residence.

My thoughts are that it is tax free from the UK.

But will Spain see it as an income - or - As capital released? Which has all ready been taxed?

A can of worms perhaps, but a good question worth an answer
.
Thanks for that. malc