How do I know if I need to pay Wealth tax ?

[PabloSmith]

And how is it applied ? - If Ineed to pay it am I sent a tax demand or is it self - declared ? - What are the rates ?

Sorry if these are questions that have been asked before, I am just a little confused.

[MrGrumpy]

Depends on a few things : Are you resident or non resident ? Do you have more than 700'000 in assets ? Is your Home worth more than 300'000 ? Are you married & If so is your house in joint names ?

[PabloSmith]

My wife and I are both retired residents, House is in joint names, I wouldn't like to guess what the value of the property is in the current market but would guess somewhere between 500 - 600 k Euros. Fortunately our savings and income from pensions come nowhere near the threshold.

[admin]

And how is it applied ? - If Ineed to pay it am I sent a tax demand or is it self - declared ? - What are the rates ?

Sorry if these are questions that have been asked before, I am just a little confused.

Some good points raised by the others. The 'How to... ' Guide I have attached below will tell you a little more about the situation and how you may be effected by the recent change >>

>> http://www.tumbit.com/how-to-guides/art ... h-tax.html

[Gulliver]

My wife and I are both retired residents, House is in joint names, I wouldn't like to guess what the value of the property is in the current market but would guess somewhere between 500 - 600 k Euros. Fortunately our savings and income from pensions come nowhere near the threshold.

Based on what information you have told us, you are nowhere near the limits so don't worry. The threshold are a lot higher than they were in 2008 and are only estimated around 160'000 of the 'Super-rich'. Unless that is a lable you would attach to yourself I would relax.

[PabloSmith]

Thankyou all.
Yes, you are correct, I am not in the Super-rich tax bracket, so none of the changes will apply to me. Certain parts of the old wealth tax would have applied, I was conerned that the limits would be similar, but I can see that this new tax is nowhere near as far-reaching.

[Mekon]

And how is it applied ? - If Ineed to pay it am I sent a tax demand or is it self - declared ? - What are the rates ?

Sorry if these are questions that have been asked before, I am just a little confused.

I would think that if you wven have to ask, then you are not eligible to pay it.