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bigduckontax
bigduckontax, Accountant
Category: Tax
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My husband is a spanish citizen and spanish passport holder

Customer Question

My husband is a spanish citizen and spanish passport holder who has been resident in UK since 1939. He has inherited land which has been sold and the proceeds invested in Spain. My name was added to the investments.
Do I need to declare any interest from these investments and if so where and how?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Assuming that you are an UK resident, which seems pretty clear from the tenor of your question, then you income world wide is subject to UK taxation. Any Spanish Tax deducted would be allowed as a tax credit against UK Income Tax on the same income stream under the Double Taxation Treaty between the UK and Spain. Such treaties, and the UK has well over a hundred of them, are designed to prevent the same income being taxed in both jurisdictions.
You would normally declare this on your self assessment income tax return [SA100]. There is box for this in the income received section and also foreign tax deducted [boxes 5 and 6 respectively]. If the income is in excess of GBP 300 then you must use a supplementary form, the SA106 also.
Of course, you have a personal allowance of 10K. Your question is silent as to any other income you may receive and if your total income does not exceed 10K then HMRC will almost certainly tell you that there is no need to make a return, it's simply an exercise in financial futility. If the Spanish Tax exceeds any UK liability than it cannot be reclaimed through the UK taxation system, only through the Spanish system, if at all.
I do hope I have helped you with your question.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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