Spanish Tax on UK Employment Income

[crookesey]

Originally Posted by Stravinsky

Crooksey, I'm not any expert on what the IOM do and dont do, all I'm telling you is what you should be declaring here. The offshore investment will form part of your wealth tax portfolio. Wealth tax is payable on your worldwide assets and investments.

Now if you choose to not declare that then it is up to you, but all I can tell you is that there are big fines.

Also it is absolutely true that there was a court case with Barclays Bank that finalised in them being made to disclose all their offshore account / investors records (presumably as they felt they were not being declared). One presumes therefore that all banks have now fallen into line with this and offshore accounts are now the common knowledge of HMRC .... and will be in turn eventally common knowledge of the Spanish Tax authorities when they sort out the non residents.

I will try once more, 90% of Isle of Man investment goes into Capital Investment bonds that are classed for Revenue purposes as Single Premium Life Assurance Contracts and are not declarable in your worldwide wealth declaration. Only on encashment of anything over 5% of the initial investment in any one tax year would trigger a cargeable event. I would not argue that this 5% is not declarable.

After 20 encashments of 5% of the initial capital would the balance could be left within the bond so is still none declarable. Only on encashment would it form part of your world wide wealth. This is why they were devised by people on far better pay cheques than us.

Don't just dismiss everything out of hand, check it out.

[Stravinsky]

Originally Posted by crookesey

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Don't just dismiss everything out of hand, check it out.

OK, will do