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Practical Heritage Manual 2022.

Who is required to file the Wealth Tax return (IP)?

Regulations: Art. 37 Wealth Tax Law

Taxpayers are required to file a declaration for the Wealth Tax, whether due to personal obligation or real , in which any of the following applies. the following circumstances:

  1. Your tax amount , determined in accordance with the regulations governing this Tax, and once the applicable deductions or bonuses have been applied, result in entering or ,

  2. When , the previous circumstance not occurring, the value of your assets or rights , determined in accordance with the tax regulations, is greater than 2,000,000 euros .

For the purposes of applying the first limit [circumstance a)], take into account that if the tax base, determined according to the Tax rules, is equal to or less than the established exempt minimum, either generally 700,000 euros , either in the amount that, in the exercise of their regulatory powers regarding the aforementioned exempt minimum, the Autonomous Communities have approved for their residents (See Chapter 2 in this regard), there will be no obligation to declare. Likewise, consideration must be given to determine whether or not this circumstance applies to the deductions or bonuses on the full amount of the Tax approved by some Autonomous Communities (Chapter 2). All this provided that the gross assets do not exceed 2,000,000 euros .

Regarding the application of the second limit [circumstance b)], all the assets and rights of the taxable person must be taken into account, whether or not they are exempt from the Tax, computed without considering the charges and encumbrances that reduce their value, nor nor the debts or personal obligations for which the taxable person must respond.

Residents in Spanish territory who take up residence in another country may choose to continue paying personal tax in Spain for all the assets and rights of economic content that they own as of December 31, regardless of the place where they are located. the assets are located or the rights can be exercised. The option must be exercised by submitting the declaration in the first financial year in which you are no longer resident in Spanish territory.

Note: The option may also be exercised by those taxpayers who ceased to be residents in Spanish territory in the years in which the tax on Wealth Tax was eliminated (2008 to 2010, both inclusive) and opted at the time to continue paying taxes in Spain out of personal obligation.

Likewise, the subjection to the Wealth Tax due to real obligation of Personal Income Tax taxpayers who choose to pay the Wealth Tax must be taken into account. Income of non-residents, maintaining the status of taxpayers for Personal Income Tax , in accordance with the special regime for "workers posted to Spanish territory" established in the article 93 of the Personal Income Tax Law and the specialties in the taxation of non-resident taxpayers in accordance with the provisions of the fourth Additional Provision of the Wealth Tax Law.