3.4. Exempt property and rights

The following assets and rights are exempt from the Wealth Tax:

• The habitual residence up to 300,000 euros

The taxpayer's habitual residence, as defined in article 68.1.3 of the Personal Income Tax Law, up to a maximum amount of 300,000 euros.

A habitual residence is considered to be a building that constitutes the taxpayer's residence for a continuous period of at least three years.

However, the dwelling will be deemed to have had a habitual residence status when, despite the aforementioned period not having elapsed, the taxpayer dies or other circumstances occur that necessarily require a change of address, such as a marriage, marital separation, job transfer, obtaining the first job, or change of employment, or other similar justified circumstances.

• Spanish Historical Heritage Assets

The assets comprising the Spanish Historical Heritage, registered in the General Register of Assets of Cultural Interest or in the General Inventory of Movable Assets, as well as those included in the Second Additional Provision of Law 16/1985, of June 25, on the Spanish Historical Heritage, provided that in the latter case they have been classified as Assets of Cultural Interest by the Ministry of Culture and registered in the corresponding Register.

In the case of Archaeological Zones and Historic Sites or Complexes, the exemption will not apply to any type of real estate located within the delimitation perimeter, but only to the following:

• • In Archaeological Zones : Real estate included as an object of special protection in the urban planning instrument referred to in article 20 of Law 16/1985, of June 25, on the Spanish Historical Heritage (BOE of June 29).
  • In Historic Sites or Groups : Real estate properties that are fifty years old or older and are included in the Catalogue provided for in Article 86 of the Urban Planning Regulations as an object of comprehensive protection under the terms provided for in Article 21 of Law 16/1985, of June 25, on the Spanish Historical Heritage.
• Historical Heritage of the Autonomous Communities

The assets comprising the Historical Heritage of the Autonomous Communities, which have been classified and registered in accordance with the provisions of their regulatory standards.

• Certain art objects and antiquities.

Objects of art and antiques are exempt in the following cases:

• • 1. When its value is less than the amounts established for the purposes of the provisions of article 26.4 of Law 16/1985, of June 25, on the Spanish Historical Heritage.
    2. When they have been transferred by their owners on permanent deposit for a period of no less than three years to Museums or non-profit cultural institutions, for public exhibition, while they are on deposit.
    3. The artist's own work as long as it remains in the author's estate.

For these purposes, art objects are understood to mean: paintings, sculptures, drawings, engravings, lithographs or other similar works, provided that, in all cases, they are original works.

antiques is understood as: movable, useful or ornamental property, excluding works of art, that are more than one hundred years old and whose basic original characteristics have not been altered by modifications or repairs carried out during the last one hundred years.

• The household trousseau

Household goods are understood to be personal and household effects, household utensils and other movable property for the private use of the taxpayer, except for jewelry, luxury furs, automobiles, two- or three-wheeled vehicles with a cylinder capacity equal to or greater than 125 cubic centimeters, recreational or water sports boats, aircraft and works of art and antiques.

• Economic content rights in the following instruments
  • 1. The consolidated rights of the participants and the economic rights of the beneficiaries in a pension plan.
    2. The economic content rights that correspond to premiums paid to insured pension plans.
    3. The rights of economic content that correspond to contributions made by the taxpayer to corporate social security plans.
    4. The rights of economic content derived from the premiums paid by the taxpayer or by employers to collective insurance contracts.
    5. The economic rights corresponding to the premiums paid to private insurance covering dependency.
• Intellectual and Industrial Property

Rights derived from intellectual or industrial property, as long as they remain in the author's assets, and in the case of industrial property, are not affected by business activities.

• Securities belonging to non-residents whose income is exempt

Securities belonging to non-residents whose income is exempt under the provisions of article 14 of the consolidated text of the Non-Resident Income Tax.

• Assets and rights affected by economic activities

The assets and rights of natural persons necessary for the development of their business or professional activity, provided that this is carried out regularly, personally and directly by the taxpayer and constitutes their main source of income, fulfilling the requirements indicated in section "D. Exempt assets and rights related to economic activities.

Subject to the same requirements, property and rights common to both members of the marriage will also be exempt when used in the development of the business or professional activity of either spouse.

• Participations in entities

Shares in entities, with or without trading on organised markets, provided that the conditions of the Wealth Tax are met.

Disabled taxpayers residing in the Community of Castilla y León

Taxpayers with disabilities who have had their habitual residence in the Community of Castile and León will also not have to declare the assets and rights of economic content that form part of the specially protected assets of the taxpayer, established under Law 41/2003, on the asset protection of people with disabilities and the amendment of the Civil Code, the Civil Procedure Law and the tax regulations for this purpose.

Disabled taxpayers residing in the Autonomous Community of the Canary Islands

Property and rights with economic content computed for the determination of the tax base that form part of the specially protected assets of the taxpayer, established under Law 41/2003, on the asset protection of persons with disabilities and the amendment of the Civil Code, the Civil Procedure Law and the tax regulations for this purpose, will be exempt from this tax.

Exempt works of art and antiques (art. 4.3 Law 19/91)

Objects of art and antiques whose value is less than the amounts established in article 26 of Royal Decree 111/1986, of January 10, approving the Regulations of the Spanish Historical Heritage Law (amended by Royal Decree 64/1994, of January 21) are exempt from the Wealth Tax.

The amounts referred to in said article are as follows:

• • 90,151.82 euros for paintings and sculptures less than one hundred years old.
  • 60,101.21 euros in the case of paintings that are one hundred years old or more.
  • 60,101.21 euros in the case of collections or sets of artistic and cultural objects and antiques.
  • 42,070.85 euros for sculptures, reliefs and bas-reliefs that are one hundred years old or more.
  • 42,070.85 euros in the case of collections of drawings, engravings, books, documents and musical instruments.
  • 42,070.85 euros when it comes to furniture.
  • 30,050.61 euros in the case of carpets, tapestries and historical fabrics.
  • 18,030.36 euros for drawings, engravings, printed or handwritten books and single documents in any medium.
  • 9,015.18 euros in the case of single musical instruments of a historical nature.
  • 9,015.18 euros in the case of antique ceramics, porcelain and glass.
  • 6,010.12 euros for archaeological objects.