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 Post subject: Info on tax.
PostPosted: Sun Jan 24, 2016 11:23 pm 
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Joined: Sun Jan 24, 2016 10:43 pm
Posts: 2
Hi everybody, hope you are all well and enjoying the sunshine and heat in Lanzarote. First topic but hopefully the first of many. My better half and I are looking to move to Lanzarote in the near future, we are both pensioners and we are intending to purchase a property (cash buyers) in Playa Blanca. It is our intention to live full time on Lanzarote, therefore full residency etc. Something that came up in a recent conversation with friends has prompted me to ask the people who are in the know, yourselves.
We both have full state pensions, my wife also has a small company pension and I have a good company pension. We have been told that we will have to pay tax on our company pensions in the UK and also on Lazarote (thereby paying tax twice). Is this correct? If so, depending on the amount of tax this could scupper our plans. is there any way around this?


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 Post subject: Re: Info on tax.
PostPosted: Mon Jan 25, 2016 8:58 am 
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Joined: Thu Jun 14, 2012 7:30 am
Posts: 541
Spain and the UK operate a dual-taxation agreement ...which means if you do things correctly and fill in the correct forms etc. then you only pay tax once :D ....in your country of residence 8) ...be that Spain or the UK........plenty of advice and reading on this subject by using Google or visiting HMRC website :wink: .....there are one or two exceptions but these are explained on the website.......and it is a lot more use than ´´´some bloke down the pub told me ¨¨ :? :?


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 Post subject: Re: Info on tax.
PostPosted: Mon Jan 25, 2016 9:46 pm 
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Joined: Sun Jan 24, 2016 10:43 pm
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Hi Lanzalocal
Thanks very much for your reply. :D I suppose the obvious thing to do would be to employ a local tax advisor who could fill in all the correct forms.
Thanks again.
Steve.


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 Post subject: Re: Info on tax.
PostPosted: Tue Jan 26, 2016 7:11 pm 
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Joined: Sun Jan 04, 2015 1:55 pm
Posts: 20
That sounds like a plan, but I would be still interested in what you learn.

One of my (retired) neighbours makes sure he spends at least 6 months in the UK as he said that to be resident in Lanzarote would have meant massive taxes. Another has made sure that he is down as a living in Lanzarote full time, as he claims that paying taxes is cheaper than paying in the UK.

I guess the lesson (as rightly suggested above) is get proper advice, don't rely entirely on anecdotes, although, they can have their uses in steering you towards someone suitably qualified!


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