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maureen
07-21-2006, 05:32 PM
Can you please tell me the laws on wealth tax, ie is it only payable by non-residents?

We have Spanish residency so do we have to pay it. We still have to pay income tax on husband's UK pension.

Thanks

Expert advisor
07-28-2006, 01:08 PM
You should pay taxes in Spain for your total incomes but deducting the ones paid in the UK, as Britain has a double taxation agreement with Spain. This is to ensure that you do not pay taxes on the same income in both countries.

Regarding the Wealth tax is payable if the net worth is higher than 108.182,17 Euros, not being the permanent residence taxable at a maximum of 150.000 Euros, that is to say that if the value of your property exceeds the add up of the two amounts, then you should pay the Wealth tax.

Please do not hesitate to contact us should you have any question.