New rules on resident foreign assets reporting

[Janet]

further clarification on request about that ongoing value: BF says that the declared amount for the property going forward in future years is always the purchase cost as far as they can ascertain.

[Nova]

Thank you Janet!!   

[poker]

further clarification on request about that ongoing value: BF says that the declared amount for the property going forward in future years is always the purchase cost as far as they can ascertain.

So those that bought in the boom time are milkt even more .

They have a very big loan to the bank and very high asset thats wurth maybw half but they have to report full price to be taxed fully .

[Janet]

At the moment, though, it's just a declaration exercise. No tax would be payable until they hit the wealth tax threshold, which is 700,000 ... and when wealth tax is payable, mortgages can be deducted.

The problem is if they suddenly, and drastically, reduce that threshold next year or so, and maybe remove the mortgage deduction ...

There are those who think this is what they're doing.

[Nova]

I'm just doing this now.  Any idea how to express the value?  Presumably they want the value converted to euros rather than GBP but what the hell exchange rate should I use??

I'm tempted to just assume ignorance/1:1 and just put 60,000

Edit:  Got it from the FAQ:

Si una persona/sociedad es titular/titular real de un inmueble en el extranjero cuyo precio de adquisición consta en una moneda diferente al euro y tiene la obligación de presentar declaración informativa, ¿cuál es el tipo de cambio que debe utilizar para determinar el valor de adquisición?
En el caso de los inmuebles, el valor de adquisición, al igual que en el resto de bienes y derechos objeto de declaración, debe ajustarse al tipo de cambio vigente en la fecha 31 de diciembre del ejercicio al que corresponde la información declarada.

Now I just need to find the exchange rate as of 31/12/2012...

Edit 2: Going with 1.2307 

[Janet]

speak to the turtle before submitting .....

apparently it's all a right mess. 

[Nova]

Oh hell....  It's let me do the borrador but that gets printed with "sin validar" written across it, which is fine for telematic presentations, except that it has no reference number or anything.  So I tried going to "Presentacion 2012" to confirm it and it just keeps giving me a 403 error.

Turtle, please help me 

[Myrtle Hogan-Lance]

First, the exchange rate:  I have just emailed you a pdf of a boletín which we got the exchange rate we are using from. 

Second, the online form:  A million sorries but I can't help you with it as we have not done it yet.  In fact, we plan to have our financial advisor file for us.

A word on the average daily balance if anybody has to submit that for one of the asset classes like bank accounts:  you have to do it the official Spanish way, which is the (sum of the daily balances from 1 October thru 31 December) divided by the number of days in the quarter, which is 92.  Apparently this is something you can even get from a Spanish bank and our financial advisor was astounded we could not get it from a British bank. 

I share your pain.

[Nova]

Thanks Myrtle.  The problem I'm having doing it online is a security certificate issue according to their help pages, but after jumping through all their hoops to install their security certificate it's still giving me the same 403 error.

At that point I gave up and did my declaración de la renta instead.  It was easier.  Now I'm really chuffed that I've done my renta early instead of waiting until the last minute    And I'm getting a rebate 

So on Monday I will phone AEAT's customer helpline and see if they can tell me what the problem is with the 720 

[Nova]

Ok, I have a problem and I need help.  According to Hacienda, the reason I can't present my 720 online is because I need a code that they need to send to me, which I will not receive in time to make tomorrow's deadline.  So I need a friendly gestor who will do it for me before tomorrow without charging me a fortune and ideally a la distance since I have to work tomorrow.  Or somebody nearby to whom I could pop over this evening.  Any recommendations/suggestions?

What's also occurred to me is, do any of you have an electronic certificate for the Agencia Tributaria website and could put it through for me?