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2021 Wealth Tax practical guide.

Main News

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

  • Furthermore, Act 11/2021, of 9 July, 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 European Economic Area or a third State, the right to the application of the own regulations approved by the Autonomous Community where it shows the highest value of the assets and rights of that they are holders and for whom the tax is required, because they are located, can be exercised or must be complied with in Spanish territory; All of this is 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 Act 11/2021, of 9 July, 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 taxable base will be the reference value provided for in revised text of the Property Registry Act, approved by Royal Legislative Decree 1/2004, of 5 March, adds this rule valuation of Wealth Tax for properties whose value has been determined by the Administration in a procedure.

  • In addition, Act 11/2021 modifies article 17 of the Wealth Tax Act to determine, from 11 July 2021, that life insurance contracts in which the policyholder does not have the right to exercise the right to redemption total, and in cases where temporary or life annuities from life insurance are received, they will be included in the taxable amount of the Wealth Tax for valuation for 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 payment.

  • As for the Wealth Tax model, the main changes are as follows:

    1. For the securities representing the participation in the equity of any type of entity, it was considered necessary to correctly identify the issuing entity of these securities, so the Tax Identification Number (NIF) must be entered in the case of securities of resident entities, since the unlisted entities do not have an ISIN issued by the Spanish Securities Market Commission and identification using the name or corporate name of the company generates many discrepancies.

    2. A section has been introduced in the Model to identify balances of virtual currencies, which until now must be included in the generic section on "You will need goods and rights of economic content."