Taxes in Europe Database v2
Formerly called impuesto extraordinario sobre el patrimonio de las personas físicas.
Law No 19 of 6 June 1991 on wealth tax, applicable from 1 January 1992; Article 2 of Law No 22 of 29 December 1993; Central Government Finance Act 1995 (Law No 41 of 30 December 1994); Royal Decree No 2481 of 23 December 1994 regulating the exemption for business activities and interests in businesses, and Law No 22/2009, of 18 December 2009, on tax and administrative measures of the new financing system of the Autonomous Communities.
The Central Government Finance Act 1995 (Law No 41 of 30 December 1994) has been replaced by Law No 14 of 30 December 1996, in turn amended by the Central Government Finance Act 1998 (Law No 65 of 30 December 1997) and also by the Central Government Finance Act 1999 (Law No 49 of 30 December 1998).
Also the 1998 and 1999 laws on taxation, administrative and social measures (Law No 66 of 30 December 1997 and Law No 50 of 30 December 1998).
Wealth Tax has been restored on a temporary basis for years 2011 and 2012 by Royal Decree-Law nº 13, of 16 September 2011. Laws 16/2012 of 27 December; 22/2013, of 23 december, and 36/2014, of 26 December (Annual Budget Laws for 2013, 2014 and 2015, respectively) extended the application of the Wealth Tax for those tax years.
The following natural persons:
The difference between the value of the assets and rights of the taxable persons and the value of their liabilities and obligations (net wealth).Valuation is as at 31 December of each year.
The difference between the value of the assets and rights of the taxable persons and the value of their liabilities and obligations (net wealth).
Valuation is as at 31 December of each year.
There is a basic tax-free allowance of € 700,000.00 available only to taxpayers with liability adpersonam.
The exemption for business activities introduced in 1994 applies to:
Rates are progressive, with eight bands; a minimum rate of 0.2 % applies up to € 167,129.45 and a maximum rate of 2.5 % above € 10,695,996.06.
Self-assessment: return to be filed annually. No possibility of paying in instalments.
Beneficiary: with effect from 1997, the autonomous communities (except for Ceuta and Melilla) not only administer and collect the tax but also have some legislative powers in this field. In 1999 the autonomous communities did not exercise these powers.
The autonomous communities of the Basque Country and Navarre have their own legislation for this tax.
There is a combined limit on liability under personal income tax and wealth tax, but it is not possible to pay less than 20 % of the theoretical tax due under wealth tax (minimum tax).
The only allowances against liability are for property situated in Ceuta and Melilla and for wealth taxes paid abroad.