Sorry-another 720....

[infoseeker]

If you submit the 720 because you closed an account in 2013, do you just give that information on the relevant account, not the other accounts again that were declared last year?

[infoseeker]

Looking back through the posts on 720, I realise this question has been asked before, at least twice, yet no one has answered it!
Surely someone knows !
I would have thought that only the account that has increased , closed, etc would need to be reported, not the whole lot, but it would be good to know the definitive answer.

[rafiki]

We are in that situation this time. Our accountant reported the closure. Nothing else.

[infoseeker]

Thank you

[Superplonk]

I notice today that the text of the drop down box for Origen de Bien has changed. Now option M is clearly for items that have already been declared. I'm still not sure whether they WANT you to redeclare things, but at least if you do you are not forced to say that they have risen in value when they have fallen.

[infoseeker]

I obtained a value of my private annuity pension.it states it has no capital or transfer value, so why should it be submitted on the 720 assets form.

[El Cid]

I obtained a value of my private annuity pension.it states it has no capital or transfer value, so why should it be submitted on the 720 assets form.

Because the Spanish tax office use different rules.

An annuity has a value which, if over 50k, has to be declared.

The calculation is shown in the FAQ. At http://www.andalucia.com/forums/viewtop ... 42&t=30699

Sid

[infoseeker]

If the annuity is much less than that, but with the other assets in group 2 , bonds,etc the total adds up to 50,000 euros does it still have to be submitted, or is it not submitted purely because the annuity itself is well under 50,000 euros.

[El Cid]

It's the total value of the assets in the asset group. So, yes, if the total, including the annuity, is over 50k them a declaration must be made.

Sid

[eazbak]

If it has no value maybe you could pass it over to me!!

[Superplonk]

HOT NEWS! I have resolved the hitherto unanswered question on how much of last year's information needs to be regurgitated if only one asset class has increased. On a phone call to Hacienda (which I recorded) they told me that it is only the changed class that must be redeclared, but that all elements of said class need to be included.
In my case (cash was reduced to buy some shares) I can leave out the cash but must list all shares, both those previously declared and the new ones.
I now feel about 2% less resentful.

[eazbak]

IMHO the info you were given is not correct.

[rafiki]

Code: Select all

IMHO the info you were given is not correct.

I think so too.

[Superplonk]

So you think I should follow your accountant's advice and ignore Hacienda?
Anyway, if they look at last year's declaration plus this year's they have all the information.

[rafiki]

You must do what you feel most comfortable with. AIUI Hacienda only needs to be informed of the changes to the information they already have in their database. That makes sense to me.

[eazbak]

I didn't say anything about whose advice you should follow or ignore.The opinion is mine and not my accountant's.
The info you were given was given by an employee of hacienda,it is his opinion,and not neccessarily the correct information,humans make mistakes,just as my opinion might be wrong,but it is my opinion,my humble opinion.

[Superplonk]

Indeed. Isn't is remarkable that we are having to discuss this on the final day for submissions? It does just show how badly implemented this has been.

[eazbak]

Discussing this on the last day is a sign that we have adapted to the andalucian way of life,never leave until tomorrow what you can leave until the day after tomorrow !

[Superplonk]

And the person on the Hacienda helpline was possibly suffering from the Spanish habit of speaking with utmost certainty when actually not having a ******* clue. Still, at least I've got the recording for when they come to drag me off to the cells tomorrow morning.

[eazbak]

Well let's not condemn the guy without a trial as he might be right and I might be wrong!
If you do get dragged off to the cells maybe we can all take it in turns to bring you fish and chips and mushy peas everyday.