Puerto Pollensa Travel Guide
Before You Go
Flights
Package Holidays
Latest Special Offers!
All-Inclusive Hotels
Hotels & Aparthotels
Private Villas/Apts to Rent
Villa Companies
Local Rental Agents
Cruises
Car Hire
Airport Transfers & Taxis
Travel Insurance
Late Deals!
Currency
Holiday Shopping
Background Info
Language
Books
Events & Fiestas
Climate & Weather
Art & Culture
Flora & Fauna
Links
Discussion Forum
Once You're There
Maps
Airport Directions
Tourist Information
Eating Out
Buses & Trains
Music & Entertainment
Excursions & Days Out
Shopping & Markets
Kids
Beaches
Walking, Cycling
Boat Charters
Sailing/Watersports
Market Place
Boats & Yachts
Property For Sale
Businesses For Sale
Property Services
Local Services
MouseMats & T-shirts
Computers
Internet Services
Virus Protection
PuertoPollensa.com discussion forums

Go Back   Pollensa Forum > LIVING & WORKING IN POLLENSA > Living & Working in the Pollensa Area

Living & Working in the Pollensa Area This forum is for any comments, questions and advice about living (permanently or temporarily) and working in the Pollensa area. Aimed at ex-pats, property owners etc.

Reply
 
LinkBack Thread Tools Display Modes
  #1  
Old 14-08-2008, 22:41
pollensa's Avatar
Founder
 
Join Date: May 2001
Location: Colchester, UK
Posts: 3,814
Thumbs up Abolition of Wealth Tax

For those of you who own property in Mallorca (& Spain) & may not be aware, Wealth Tax has apparently been abolished from tax year 2008 - see Impuesto de Patrimonio, Wealth Tax abolition. Ahora Si!!!! : International Tax Forum

But of course do check with your own tax advisor.
Reply With Quote
Sponsored Links
  #2  
Old 23-08-2008, 18:42
**
 
Join Date: Aug 2008
Posts: 10
Default

Does that mean that if you sell your property you do not have to leave the tax from your profit?
Reply With Quote
  #3  
Old 23-08-2008, 23:08
pollensa's Avatar
Founder
 
Join Date: May 2001
Location: Colchester, UK
Posts: 3,814
Default

Quote:
Originally Posted by urbutis View Post
Does that mean that if you sell your property you do not have to leave the tax from your profit?
Wealth tax is/was an annual tax based on the value of yoour asets. When you sell you pay Capital Gains tax which still exists.
Reply With Quote
  #4  
Old 01-09-2008, 10:01
*****
 
Join Date: Mar 2008
Location: Hampshire and Alcanada
Posts: 700
Default

Pollensa,

Does this only apply to residents or does the abolition also apply to non residents with property? If so, it almost seems too good to be true as it was a large sum for us each year, but I am not complaining if it does!
Reply With Quote
  #5  
Old 01-09-2008, 13:38
pollensa's Avatar
Founder
 
Join Date: May 2001
Location: Colchester, UK
Posts: 3,814
Default

As far as I know it affects everyone but you'll need to check wih your own advisor. Even if it does there is still the 'nominal' or actual income tax depending on whether you rent out or not.

Perhaps someone can report back if they hear. It won't afect the tax due this year for 2007.
Reply With Quote
  #6  
Old 04-12-2008, 14:09
pollensa's Avatar
Founder
 
Join Date: May 2001
Location: Colchester, UK
Posts: 3,814
Default

Further news on the abolition of wealth tax - this has now been approved:

see Spanish Wealth Tax Update : International Tax Forum
Reply With Quote
  #7  
Old 04-12-2008, 16:44
Gommar Goffer's Avatar
*****
 
Join Date: Aug 2008
Location: PP permanently
Posts: 1,538
Default

Quote:
Originally Posted by pollensa View Post
As far as I know it affects everyone but you'll need to check wih your own advisor. Even if it does there is still the 'nominal' or actual income tax depending on whether you rent out or not.

Perhaps someone can report back if they hear. It won't afect the tax due this year for 2007.
Even though renting out private property is illegal!!

GG
Reply With Quote
  #8  
Old 05-12-2008, 19:35
pollensa's Avatar
Founder
 
Join Date: May 2001
Location: Colchester, UK
Posts: 3,814
Default

Quote:
Originally Posted by Gommar Goffer View Post
Even though renting out private property is illegal!!

GG
I've moved the rest of the responses to http://www.forum.puertopollensa.com/...licensing.html

Please try & keep this post on Wealth Tax - thanks.
Reply With Quote
  #9  
Old 06-12-2008, 18:44
*****
 
Join Date: Feb 2008
Location: glasgow
Posts: 1,173
Default Wealth Tax

Quote:
Originally Posted by Gommar Goffer View Post
Even though renting out private property is illegal!!

GG
This is why it needs to be abolished, double standards, how can they tax you for renting out if it's illegal?? Many people don't rent out anyway, it's unfair to them.
Reply With Quote
  #10  
Old 07-12-2008, 13:56
**
 
Join Date: Jun 2008
Posts: 18
Default

Hi All
let's hope this ends up as a saving on annual overheads-much needed at the moment.On the subject of taxes, a payment for 'Operacion a su cargo' has recently been taken out of our account ,the bank confirms that this went to the Balear Govenment but can't give any further details!!!while I'm waiting for my tax advisor to get back to me has anybody else paid this and/or know what it is?
cheers bodge
Reply With Quote
  #11  
Old 16-09-2009, 09:17
*****
 
Join Date: Feb 2008
Posts: 149
Default

Can anyone tell me what the latest is on Wealth Tax abolition.There was talk of this last year,will any be due this December?

I would appreciate any advice.Ive paid this since we bought a few years ago through the solicitor/abgabardo who dealt with the purchase,but can you assess and pay locally oneself?

thanks.
Reply With Quote
  #12  
Old 16-09-2009, 15:13
*****
 
Join Date: Mar 2008
Location: Hampshire and Alcanada
Posts: 700
Default

The property element of the non resident tax has been removed which for us meant that the total is only 25% of what we paid last year.

That's the good news; the bad news is that the filing date was brought forward from December to June so if you haven't already done it then I am afraid you are late. It must be simple to do because our abrogado didn't charge us for doing it.
Reply With Quote
  #13  
Old 16-09-2009, 17:43
*****
 
Join Date: Aug 2008
Location: Newcastle on Tyne
Posts: 188
Default Worried

Hi, I'm now a bit worried because we've not been aware of this tax in any form. We obvoiusly pay the local tax but since we bought directly without using a local solicitor???? What tax needs to be paid. How is it collected and how much would it typically be on a 1 bedroom apartment. We don't rent out. Thanks for any advice.
Reply With Quote
  #14  
Old 16-09-2009, 19:41
pollensa's Avatar
Founder
 
Join Date: May 2001
Location: Colchester, UK
Posts: 3,814
Default

Quote:
Originally Posted by ryansclan View Post
Hi, I'm now a bit worried because we've not been aware of this tax in any form. We obvoiusly pay the local tax but since we bought directly without using a local solicitor???? What tax needs to be paid. How is it collected and how much would it typically be on a 1 bedroom apartment. We don't rent out. Thanks for any advice.
Up until last year you had to pay both wealth tax & income tax. Now it is only income tax. You have to pay this even if you do not rent out. I would suggest that you consult a solicitor - they don't charge very much for doing your annual return - see Puerto Pollensa, Mallorca (Majorca) - Property Services There are also some good books available - see PuertoPollensa.com - Books, Maps, Guides, Holiday Reading - You and the Law in Spain is very comprehensive.
Reply With Quote
  #15  
Old 17-09-2009, 22:39
whaleywanderer's Avatar
*****
 
Join Date: Feb 2008
Location: Puerto Pollensa ;-)
Posts: 1,365
Default

Not knowing what we were doing we paid for a solicitor to do the tax for us and were charged 80 each. Our bill was 162 plus 160. So if you can do it yourself there is quite a saving to be made. I will be reading up on it for next year. Good luck
__________________
Whaley
My Flickr photos
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are Off
Refbacks are On



All times are GMT +1. The time now is 14:59.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO 3.6.0
(c) Copyright Holiday Webs Ltd 2011