Can you tell me which amount to put on my tax return form for pension income. Is it the gross amount as per the P60 from the UK or the net amount received in the bank in Spain?
I am asking this because of the exchange rate. If you use the amount of the UK P60 it is obviously in pounds sterling and this has to be converted into euros. The exchange rate makes the difference between having to pay tax or not.
A small question about income tax
-
- Resident
- Posts: 588
- Joined: Sat Apr 16, 2005 4:57 pm
-
- Andalucia.com Amigo
- Posts: 232
- Joined: Tue Sep 12, 2006 1:06 pm
- Location: Coin
-
- Andalucia Guru
- Posts: 16079
- Joined: Sun Oct 24, 2004 10:42 pm
- Location: La Herradura, Costa Tropical, Granada
You can use whatever rate you like but it is up to you to justify it if challenged. All you enter on the tax declaration is a Euro amount.
Hacienda publish an "average" rate for the previous tax year and you can use that for pensions etc. That is the figure I quoted.
If you have highly variable monthly income combined with a wildly fluctuating exchange rate I would personally use whichever method is beneficial to me.
Sid
Hacienda publish an "average" rate for the previous tax year and you can use that for pensions etc. That is the figure I quoted.
If you have highly variable monthly income combined with a wildly fluctuating exchange rate I would personally use whichever method is beneficial to me.
Sid
Who is online
Users browsing this forum: Bing [Bot] and 59 guests