Cross Border Tax Planning

It is very common for individuals to have assets in more than one country, and consideration needs to be given as to how they are taxed in the different jurisdictions. It is important to look at the ongoing tax position whilst assets are still held, together with any tax implications when assets are sold.

Overseas assets can bring complications upon disposal, as there may be tax due in the country in which they are held, as well as reporting requirements and/or tax payable in the country you are residing.

Added to this is the “Common Reporting Standard” which was approved in 2014 and allows for the automatic exchange of information between tax offices. The purpose of this standard is to expose tax evasion, whether that be intentional or not, so it has never been more important to make sure you are paying the right amount of tax to the right tax authorities at the right time.

Another important aspect of cross-border tax planning includes the difference between UK Inheritance Tax and Spanish Succession Tax. This can be a complex area and it is an area of financial planning that causes the greatest level of concern for many individuals. It is key that you understand how the 2 systems work and how they might impact on your eventual beneficiaries, whether that be your spouse, children, family or friends.

Our extensive knowledge of the UK (gained from a collective 30 years of working before emigrating to Spain), often stands us in good shape to advise on common problems we face when moving abroad. With careful planning, taxation can often be minimised but only if your adviser fully understands the differences in the two countries reporting requirements and tax allowances.

For more complex matters, we are in the fortuitous position of having built up a number of wonderful relationships with high profile, well trusted professional connections, some of which date back over decades. These long standing relationships mean that we can offer our clients tax efficient solutions, from trusted sources, taking into consideration all eventualities. We consider ourselves very lucky to count on their experience and expertise.

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Logic Financial Consultants are proud to have established a wonderful reputation for quality financial advice. This website contains just a few of the many testimonials we have received.

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