Transfer of Wealth Tax to Autonomous Communities
Regulations: Art.2.2. Wealth Tax Act
Wealth Tax is a tax whose yield is transferred in its entirety to the Autonomous Communities, under the terms established in organic Law 8/1980, of 22 September, on the Financing of Autonomous Communities (LOFCA), as amended by last time by Organic Law 3/2009, of 18 December (Official State Gazette of 19), and in Act 22/2009 , of 18 December, which regulates the system of financing of the Autonomous Communities of common regime and Cities with the Statute of Autonomy and modifies certain tax rules (Official State Gazette of 19).
As a result of the transfer, the Autonomous Communities may assume regulatory powers over the tax-free threshold, tax rate and deductions and rebates 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 bonuses 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.
Furthermore, it must be taken into account that Act 41/2003, of 18 November, on Property Protection of persons with Disabilities and amending the Civil Code, the Civil Procedure Act and the Tax Regulations, in their additional provision, establishes the second , which the Autonomous Communities may declare the exemption in Wealth Tax of the assets and rights that are part of the protected assets of persons with disabilities.