Skip to main content
Practical Heritage Manual 2021.

Main News

  • Law 11/2020, of December 30, on the General State Budgets for the year 2021 ( BOE of 31), in its first repealing provision replaces the hitherto temporary nature that was given to the Wealth Tax by Royal Decree-Law 13/2011, of September 16 ( BOE of 17) and which required its extension year to year, and establishes, as of September 1 January 2021, its indefinite nature. 

  • On the other hand, Law 11/2021, of July 9, on measures to prevent and combat tax fraud, extends to all non-residents, whether they are residents of a Member State of the European Union or the Economic Area European or in a third State, the right to apply its own regulations approved by the Autonomous Community where the greatest value of the assets and rights of which they are the owners and for which the tax is required lies, because they are located, they can be exercised or must be fulfilled in Spanish territory; all of this in line with the recent jurisprudence of the Supreme Court on the extension of the principle of freedom of movement of capital enshrined in the Treaty on the Functioning of the European Union.

  • That same Law 11/2021, of July 9, on measures to prevent and combat tax fraud, in line with the changes introduced in other taxes in the valuation of real estate for which it is established that the tax base will be the value of reference provided for in the consolidated text of the Real Estate Cadastre Law, approved by Royal Legislative Decree 1/2004, of March 5, adds this valuation rule to the Wealth Tax for properties whose value has been determined by the Administration in a procedure.

  • In addition, the aforementioned Law 11/2021 modifies article 17 of the Wealth Tax Law to determine, as of July 11, 2021, that life insurance contracts in which the policyholder does not have the power to exercise the right of full redemption, and in cases in which temporary or lifelong annuities are received from life insurance, they will be included in the tax base of the Wealth Tax for valuation by the amount of the mathematical provision.

  • The Autonomous Communities of Galicia, La Rioja and the Region of Murcia have approved new regional deductions in the Tax quota.

  • Regarding the Wealth Tax model, the main new developments are the following:

    1. For securities representing participation in the own funds of any type of entity, it has been considered necessary to correctly identify the issuing entity of said securities, so the Tax Identification Number (NIF) must be entered when dealing with securities of entities. residents, since unlisted entities do not have an ISIN granted by the National Securities Market Commission and identification using the name or company name of the entity generates many discrepancies.

    2. A section has been introduced in the Model to identify the balances of virtual currencies, which until now had to be included in the generic section of “Other goods and rights of economic content”.