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  • Tax

    "Hybrids" - a false promise?

    If you are not a resident of Spain IE you spend less than 183 days a year in the country you will only pay wealth tax on your spanish assets which in the area i live are zero rated for assets that total less than 600,000 euros however there is a notional rental tax to pay annually even if you do not rent a property out.You also need to submit a tax return each year and if you own more than one property as i do you will need to employ a fiscal representative.

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    Oh I see Don - I thought you meant you had to pay £600,000 euros a year in wealth tax!  D-oh! 

    :-)

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    "It is the small decisions you and I make every day which shape our destinies." Anthony Robbins


    Hi Angela the two figures of 600,000 are a coincidence. Yes if was to spend more than 183 days in Spain in any one year then i would be billed for  approx £600,000 in annual wealth tax.Makes you realise that the UK is that bad after all

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    Crikey, sounds like you don't want to stay there for too many days a year then Don, nice as it is and all that!

    Angela

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    "It is the small decisions you and I make every day which shape our destinies." Anthony Robbins

    Hi Angela the Daniel feigngold has a good cv but I always check advice with other accountants and this is why I feel frustrated The accountants don't seem to agree with each other so you end up going around in circles


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    My accountants a medium sized partnership (65 employees) with property specialists have been incorporating btl businesses since the introduction of S162.Unfortunately to many accountants work for HMRC rather than for their clients.

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    Yes, that's the thing Bill.  It is annoying.

    I think that if you're going to survive just fine, it's probably best not to dabble in those more obscure, not widely known or agreed upon arrangements - well, that's my view.  It's different for those who can see no way out with S24 other than bankruptcy - then it's a case of 'what have you got to lose?'  But if the answer to that question is, actually a lot - then why risk it, is my view.

    It's interesting that over the course of a long investing lifetime many things outside our control affect our fortunes, most of which we accept as "the things we cannot change."  But because we feel kicked in the teeth with S24, landlords tend to react like they have to stand and fight.   However, if you kick back, you could get slammed back even harder!  Instead, I'm reminded of a saying I heard to be like water and just flow on:

    Flowing water goes over or around the stones in its path. Eventually, it can erode the stones.

    Water may seem weak and formless, but there is deceptive strength in its ability to just keep on keeping on, simply flowing around all obstacles in its path.  Sticks and stones may not break your bones, if you can flow like water...  man!  That's my strategy for now anyway!  I'm deleveraging and enjoying cashing out, so it's all good.

    Angela

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    "It is the small decisions you and I make every day which shape our destinies." Anthony Robbins