Regulations: Articles 1, 2.1 and 3 Wealth Tax Law
The Wealth Tax is a tax of a direct and personal nature that taxes the net assets of natural persons .
The net assets of the natural person constitute the set of assets and rights of economic content of which the person is the owner, with deduction of the charges and encumbrances that reduce their value, as well as the debts and personal obligations of which the owner must respond.
Furthermore, it is presumed that the assets and rights that would have belonged to the taxpayer at the time of the previous accrual are part of the assets of the taxable person, unless there is proof of transfer or loss of assets.
The Wealth Tax is applied throughout the national territory , without prejudice to the regional tax regimes of Concert and Economic Agreement in force in the Historical Territories of the Basque Country and the Foral Community of Navarra , respectively, and the provisions of the International Treaties or Agreements that have become part of the internal regulations.