Tax on UK assets being declared

Hello

I wonder if someone can help me with a tax question. I have been doing some research and found mixed signals concerning Spanish tax due on UK assets.

I intend to move to Murcia over the summer with my wife (from Murcia) and our two daughters. I intend to register as a resident as I will be staying in Murcia at least 9 months of the year and 3 months back in the UK.

I will continue to work for a UK company remotely in Spain and pay my UK taxes.

Income Tax: I have worked out (https://www.uktaxcalculators.co.uk/worl … nst/spain/) I will need to pay an additional £3500 in income tax in Spain as the income tax rate is higher than in the UK.

The bit I am confused with is declaring my worldwide income to Spain. I have assets in the UK above the 50k limit in all categories and cannot understand how Spain calculates the tax due. e.g. I have the following

ISA
SIPP
P2P
Cash in Bank

For the ISA/SIPP how do they calculate the 'gain'? I am mid 30's and cannot touch the pension and I never withdraw from the ISA's. Do they just calculate the increase in value every year and then apply their income tax? As there is no tax in the UK for SIPPS/ISA at this point in my life I would have to pay the full Spanish income tax on the gains

For the P2P/cash interest, I assume I can offset the UK tax with what's owed in Spain and pay the difference as I am doing with my PAYE income?

Thanks

You will need to declare in spain your assets outside spain.   There is no tax implication unless you have considerable assets.  In that case you would be required to pay patrimonio tax.  It is a pretty low rate.

thanks, the way I read it patrimonio and the declaration of assets are two different things. If my UK investments are up £30,000 in one year I have to pay the capital gains/savings tax on the gain regardless of the patrimonio tax which is paid ontop of that

This explains the situation pretty well:-

https://www.blevinsfranks.com/news/arti … allowances

I'm in very similar situation were I've moved to murcia with my fiancé who is from here in the summer. I'm working for a UK company and they pay my PAYE. I will go back to the UK every now and then to the office (once covid is over), but majority will just be from home here in Spain. My understanding is that I have to declare my income to the Spanish authorities and then claim back from HMRC under the double taxation agreement. Have you just done this yourself or hired an accountant to do it? I've been trying to find someone who can do it for me as I'm not sure I'll get everything right. Be interested to know how you've handled all this?