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Page 8 Personal Income Tax declaration for 2016
The campaign started on the 5th April, when you could call for information and present your returns and finishes on the 30th June.
Who doesn’t have the obligation to present their return?
Anyone that earns less than 22.000€ per annum and received their income from one source only. If you receive payments from two or more sources and at least one of them is more than 1,500€. If you earn more than this amount then the obligation to present your return is after 12,000€.
This year all those who received monies back last year from the bank for overpaid interests due to the minimum interest clause should know that this is not considered as income, it is simply monies that you paid out initially that are returned. The interest on the monies returned do not have to declared either.
However, there are exceptions: if these amounts were deductible for investment when buying your home (as opposed to a second home). Then the amounts should be adjusted. Ask your tax advisor in reference to this.
It is worth remembering that any amounts paid into a pension plan are also tax deductible. The amount here has been lowered from 10,000€ to 8,000€, as long as they are not greater than 30% of your income. You can also include the spouse’s contributions if your spouse does not earn more than 8,000€ per annum, with a 2,500€ limit.
It is worth remembering that there are also deductions for families with 3 children or more, or monoparental families with two children or more. These deductions are 1,200€ per annum, except in the case of special category families where the deduction is 2,400€. Here we mustn’t forget working mothers with children 3 years old or under, who also receive a deduction of 1,200€.
There are also deductions for those renting if the contract was prior to the 1st January 2015, whereby they can deduct 10,05% as long as their earnings are not over 24.107,20€ per annum.
You can still deduct amounts on your home, if you purchased before the 1st January 2013. If you purchased after that you no longer have the right to these deductions.
If you have questions on this matter or any other legal matter please do not hesitate to contact me at Link Point Legal on 96 626 0500 or
anagay@linkpointlegal.com.
Female Focus by Ana Gay
And so that time of year is here again. And for most of you who are resident in Spain you will be seeking out your tax consultant to draft and present your return. So here’s what you need to know…
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