Sterling Flat
What exactly does Offshore Account mea ?
I live in UK and have a small flat in Spain. Main reason was owing to ill health when there my condition is much improved. It takes quite a lot to upkeep this and I have only a current account over there to pay necessary bills. Depending on time of year there is usually in sterling £2,000 – £3,000 in this. There is nothing dishonest about this but in recent British TV news it referred to anyone with an Offshore Account having this small amount they are liable to pay approx £500 tax . I certainly could not afford this. Excuse my ignorance but unsure if this refers to the type of account I have. The apt is soley used by myself and husband, never rented out etc. Can anyone help regarding this? Thank you.
Off shore banking is not strictly applicable in this case. It generally means banking done where taxes can be avoided where ever possible and information may be kept confidential. In your case, as long as you are declared non resident with your bank in Spain, this is done every two years and the bank will automatically send the form to you, you just sign it and return before the date specified, but they give a long time span.
Your bank in Spain will make a deduction of a small amount each year to cover non resident tax here in Spain, the £500 you mention is not applicable in your case.
If you have already paid tax on the income into your account and are being taxed in the UK which is your country of residence, i.e. you are there for more than 183 days in any one year, then you have already paid your taxes due
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