Also in the news...
Transfer of residence to the UK
Find out how to import your personal belongings, pets and private motor vehicles when moving or returning to the UK.
Norway's WTO Trade Policy Review: UK Statement
UK Statement at Norway’s World Trade Organization Trade Policy Review. Delivered by the UK's Permanent Ambassador to the WTO and UN, Simon Manley.
UK-Norway Iceland Liechtenstein free trade agreement
Business guidance, reports and other documents to help you understand the UK-Norway, Iceland, and Liechtenstein free trade agreement (FTA).
Essential Steps Before Launching an International Auction Business
Expanding a business internationally presents unique challenges, particularly when that business involves auctions. The global auction market continues to grow as more entrepreneurs see its potential for reaching new customers across borders. However, success in this specialised field requires careful planning and the right technological foundation.
Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts
UK Export Finance supports renewable energy tech company Dulas to deliver life-saving vaccine refrigerators to over 80 countries worldwide.
UK Spain Double Taxation Treaty
The UK Spain Double Taxation Treaty was updated in March 2013 with changes effective from 12 June 2014
The treaty ensures that tax is not paid twice on the same income.
The treaty covers the following items:
In Spain
- Income Tax
- Corporation Tax
- Non-resident Income Tax
- Capital Gains Tax
- Local Income Taxes
In the UK
- Income Tax
- Corporation Tax
- Capital Gains Tax
Where am I deemed resident?
The treaty outlines what is considered to be a resident. This issue is often a source of confusion and misinterpretation.
The treaty considers that a resident is a person/entity who is liable to taxation due to:
- Domicile
- Residence
- Place of Management
- Place of Incorporation
A person/entity who is based in one state but receives income or capital gains from a source in the other state, will not automatically be considered resident.
If there is a situation whereby a person/entity could be classed as being resident in both states, then the status will be determined by:
- location of permanent residence. If there is a residence in both states, the “centre of vital interests” shall apply (personal relations, economic situation)
- if the above cannot be determined, or there is no permanent address in either state, residency will apply to the estate where there is an habitual abode.
- if there is an habitual abode in either both or neither state, the nationality of the person/entity will take precedence.
- if the person/entity is a national of both or neither state, then the states will reach an agreement to determine residence.
Our English speaking accountants are available to discuss your circumstances.
You may be considering relocating to Spain or your company may be exploring the option of employing staff to enter the Spanish market, please don´t hesitate to contact us today for a no obligation consultation.
Article supplied by Gascón Bernabéu Abogados