Re: Re: British expats must declare overseas assets



@euphony wrote:

That’s extremely helpful, many thanks.
I would also assume that in many years to come, when we sell our UK property, the spanish will want a slice of that in tax too?

Yes that’s what I alluded to in my earlier post. But I’m no tax expert. You’d need to take professional advice, and then bear in mind that they shift the goal posts every other year anyway. There is some rule that says people over 65 don’t pay Spanish CGT on property – I guess to allow people to downsize in retirement without getting stung by the taxman. That might apply to you as well, but it might not. Of course you could also decide to become a UK resident again, just for the year during which you decide to sell your UK house. That way you escape the Spanish tax man, but the UK tax man might take an interest. When the time comes, rather than selling your UK home you might get round the situation by doing some equity release deal rather than selling the property. But there are so many ifs and buts that it’s hard to give specific advice.