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A tax resident in Spain has enquired about the taxation of late payment interest arising from a UK pension. The DGT has determined that, under the double taxation treaty, such interest can only be taxed in Spain and must be classified as a capital gain.
Question raised: Taxation of interest in Spain under Personal Income Tax.
Late payment interest does not constitute interest in the strict sense under the Spanish-British convention, and is therefore governed by the other income clause, being taxed exclusively in Spain. As it is compensatory in nature rather than remunerative, it is taxed as a capital gain within the savings tax base. The change in wealth occurs when the interest is recognized, quantified, and its payment is agreed upon.
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