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Practical Income Manual 2022.

6. Disposition of assets or rights contributed to the protected assets of people with disabilities

Regulations: Art. 54.5 a) and b) Law Personal Income Tax

The disposition of any asset or right contributed to the protected assets of people with disabilities made in the tax period in which the contribution was made or in the following four has the following tax consequences:

The expenditure of money and the consumption of fungible goods integrated into the protected heritage, when done to meet the vital needs of the beneficiary, should not be considered as a disposition of goods or rights and, therefore, the provisions established in Article 54.5 of the Personal Income Tax Law . Now, for such a conclusion to be possible, given that the tax benefits are linked to the effective constitution of an estate, the latter must be established, which implies that, except in exceptional circumstances that the person with a disability may specifically be going through, , the expenditure of money or fungible assets before the passage of four years from their contribution should not prevent the constitution and maintenance during the time of the aforementioned protected assets.

a) In the taxpayer contributing Personal Income Tax

The taxpayer must replace the reductions in the tax base improperly made by submitting the corresponding complementary self-assessment including the applicable late payment interest.

The complementary self-assessment must be submitted within the period between the date on which the disposition occurs and the end of the regulatory declaration period corresponding to the tax period in which said disposition is made.

b) In the owner of the protected assets that received the contribution

The owner of the protected assets who received the contribution must integrate into their tax base the part of the contribution received that they had stopped integrating in the tax period in which they received the contribution as a consequence of the application of the exemption included in letter w) of the article 7 of the Personal Income Tax Law , by submitting the corresponding complementary self-assessment including the applicable late payment interest.

Inform that the comment on the exemption corresponding to work income derived from contributions made to protected assets, as well as those derived from benefits obtained in the form of income by people with disabilities is done in Chapter 2.

The complementary self-assessment must be submitted within the period between the date on which the disposition occurs and the end of the regulatory declaration period corresponding to the tax period in which said disposition is made.

c) If the taxpayer was a Corporation Tax taxpayer

In this case, it must be distinguished according to whether the owner of the protected assets is an employee of the company or this condition is held by one of his relatives, his spouse or the person in charge of him.

In the first case, the regularization, in the terms previously mentioned, must be carried out by the owner of the protected assets and, in the second case, said regularization must be carried out by the relative, spouse or person who has charge of it and who is an employee of the company. society.

The worker who owns the protected assets must notify the employer who made the contributions of the provisions that have been made in the tax period. When the disposition had been made in the protected assets of the relatives, spouses or dependents of the workers under guardianship or foster care, the aforementioned communication must also be made by said worker.

Note: If the complementary declaration responds to this circumstance, the taxpayer must mark with an "X" the box [116] of the "Complementary declaration" section of the declaration.