Skip to main content
Practical Heritage Manual 2021.

2. Assets and rights affected by economic activities

Regulations: Art. 11 Wealth Tax Law

The assets and rights assigned to economic, business or professional activities may be exempt from the tax if the owner thereof meets the requirements established for this purpose and which are discussed in the section corresponding to “Exemptions” within “business and professional assets.” of this same Chapter.

Now, whether or not they are exempt, they must be declared using the following valuation rules:

  • Valuation rules for economic activities with accounting adjusted to the Commercial Code

    The assets and rights of natural persons affected by the exercise of business or professional activities according to the rules of Personal Income Tax , except real estate, will be computed by the value resulting from its accounting by difference between the real assets and the required liabilities , provided that the accounting complies with the provisions of the Commercial Code.

  • Valuation rules for economic activities without accounting adjusted to the Commercial Code

    In this case, the valuation of the affected assets and rights will be carried out, element by element , applying the Wealth Tax valuation rules that correspond to the nature of each element.

  • Special case: valuation of properties used for economic activities

    Regardless of whether or not accounting is carried out in accordance with the Commercial Code, the value of each of the real estate properties affected by the economic, business or professional activities carried out by its owner will be determined by applying the valuation rules indicated for real estate properties. in section 1 above, unless they are part of the current assets of business activities whose purpose consists exclusively of the construction or real estate promotion, in which case said assets will be valued with the rules discussed in this section.

    Note: in the case of marriage, whether the assets or rights assigned to economic, business or professional activities are exclusive to the spouse who exercises the activity or if, in accordance with the provisions or regulatory agreements of the corresponding marital economic regime, they are common to both spouses, Their valuation will be carried out applying the rules discussed in this section. In the latter case, the value thus determined will be attributed in half in the Wealth Tax declaration of each of them, unless a different participation fee is justified.

    If assets or rights (premises, machinery, etc.) belonging exclusively to the spouse who does not carry out the activity are available for the development of the activity, the latter will fully compute them in their declaration, valuing them in accordance with the rules contained in the tax regulations for non-affected goods and rights that are included in the remaining sections of this heading.