Wealth Tax is a direct and personal tax that applies to the net worth of individuals.
The net assets of the individual constitute all the assets and rights of economic content for which the individual is the holder, with deduction of the charges and encumbrances that decrease their value, as well as the personal debts and obligations for which the holder must answer.
The Wealth Tax is applied throughout the country, without prejudice to the regional tax regimes of the Concierto and Economic Agreement in force in the Historic Terricas of the Basque Country and the Autonomous Community of Navarre, respectively.
Wealth Tax is a tax whose yield is transferred in its entirety to the Autonomous Communities.
As a result of the transfer, the Autonomous Communities may assume regulatory powers over the tax-free threshold, the tax rate and the deductions and bonuses of the payment.
The deductions and bonuses approved by the Autonomous Communities will be, in any case, compatible with those established in the state tax regulations and will not be able to entail a modification of the tax.
These deductions or regional discounts are applied after those regulated by the State regulations. If the Autonomous Communities do not use the regulatory powers on this tax, the State regulations will apply, failing this.