4.3.4. Total payment limit

The total share of Wealth Tax, together with the personal income tax payments, may not exceed, for taxpayers subject to personal obligation tax, 60% of the sum of the taxable income tax bases. 100

For these purposes:

1. The part of the Wealth Tax corresponding to equity elements that, due to their nature or destination, are not liable to produce the income taxed by the Personal Income Tax Act will not be taken into account.

2. The part of the taxable base of the savings derived from capital gains and losses corresponding to the positive balance of those obtained will not be taken into account for transfers of acquired assets or improvements made to them more than one year before the transfer date, or the full amount of the Personal Income Tax corresponding to this part of the savings tax base, the amount of which will be entered in box 32 of the Wealth Tax.

   To determine this amount, the net balance of capital gains and losses obtained in the financial year resulting from the transfer of capital assets acquired more than one year before the date of the transfer must be calculated first.

3. The amount received and not included in the Personal Income Tax return will be added to the savings tax base for the distribution of dividends and profit participations obtained in years in which the special regime of the holding companies has been applied (Section 6 a) of the transitional Provision 4 of the Revised Text of the Corporation Tax Act approved by Royal Legislative Decree 2004/5 of March).

4. In the event that the sum of both payments exceeds the previous limit, the share of Wealth Tax will be reduced until the indicated limit is reached, without the reduction being greater than 80 per 100.