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ISA Draw down whilst resident in Spain
Woodster123
Posts: 3 Newbie
Please can anyone confirm that this is the current situation:
I aim to be resident in Spain whilst drawing down a monthly income from the body of my ISA. I understand that any gains / interest will no longer be tax free and will be subject to taxation in Spain. The funds drawn down will not count towards annual income as it is money that i have already paid tax on in the UK prior to investing, in short there is no difference in drawing down from an ISA to withdrawing from a bank account.
I also understand that the total value of the ISA must be declared to Spanish authorities which then may be liable to Spanish wealth taxation.
Thanks very much-not so much of question just seeking confirmation i have got the general situation clear.
I aim to be resident in Spain whilst drawing down a monthly income from the body of my ISA. I understand that any gains / interest will no longer be tax free and will be subject to taxation in Spain. The funds drawn down will not count towards annual income as it is money that i have already paid tax on in the UK prior to investing, in short there is no difference in drawing down from an ISA to withdrawing from a bank account.
I also understand that the total value of the ISA must be declared to Spanish authorities which then may be liable to Spanish wealth taxation.
Thanks very much-not so much of question just seeking confirmation i have got the general situation clear.
0
Comments
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I imagine you are correct in thinking that as far as Spain is concerned your ISA is just another bank account. So this is a question about Spanish taxation rules and really has nothing to do with ISAs. Maybe the "Cutting Tax" board could offer more help?Reed0
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Answered on the other board0
This discussion has been closed.
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