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Practical Heritage Manual 2022.

3. Deposits in checking or savings accounts, demand or time deposits, financial accounts and other types of account deposits

Regulations: Art. 12 Wealth Tax Law

The valuation of each of the deposits in the account will be carried out by the balance they show on the date of accrual of the Tax (December 31), unless this is lower than the average balance corresponding to the last quarter of the year , in which case the latter will be taken.

For the calculation of said average balance, the following will not be taken into account:

  • Funds withdrawn for the acquisition of assets and rights that appear in the estate.

  • Funds withdrawn for the cancellation or reduction of debts.

  • Income received in the last quarter from loans or credits. In these cases, the corresponding debt will not be deductible either.

Note: In the event that there are several holders of the corresponding accounts, their values will be allocated equally to each of them, unless a different share of participation between them is justified.