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I see a lot of threads and discussions talking about capital gains tax liabilities in Spain for property but what about investments or life insurance bonds that originated in the UK.?
I had an investment bond with a UK life company for 20 years in England and used to take 5% tax free income per year which was the allowance in the UK. For the last 12 years i have been living in Spain and have just surrendered this bond. The Life company have informed me the total gain over the 20 year period is 100,000 euros. What would be my Spanish tax liability on this? If i re invested this amount in a Spanish regulated version of this bond which the UK Life company have, would i still be liable for CGT? Thanks.
I had an investment bond with a UK life company for 20 years in England and used to take 5% tax free income per year which was the allowance in the UK. For the last 12 years i have been living in Spain and have just surrendered this bond. The Life company have informed me the total gain over the 20 year period is 100,000 euros. What would be my Spanish tax liability on this? If i re invested this amount in a Spanish regulated version of this bond which the UK Life company have, would i still be liable for CGT? Thanks.