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Practical Heritage Manual 2023.

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 as well as of the treasury management accounts and of the financial or similar accounts will be carried out by the balance shown on the date of the accrual of Tax (December 31), unless this is lower than the average balance corresponding to the last quarter of year , in which case the latter will be taken.

For the calculation of said average balance, the following will not be computed:

  • Funds withdrawn for the acquisition of assets and rights that appear in the estate.

  • Funds withdrawn for the cancellation or reduction of debts.

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

In the event that the deposits and accounts are in currencies other than the euro the previous valuation rule will be applied with the following particularities regarding the calculation of the average balance:

  • The calculation of the average balance will be carried out in the currency (currency) in question, and its equivalent value in euros will then be determined based on the official exchange rate of the euro corresponding to the date of tax accrual (December 31), published by the European Central Bank or, failing that, the last official exchange rate published previously.

    If there is no official exchange rate, the market value of the monetary unit in question will be taken as a reference.

  • Funds withdrawn for the acquisition of assets and rights that appear in the assets will not be counted for the calculation of the average balance, including in this case those that have been withdrawn to acquire foreign currency deposited in other accounts owned by the obligor.

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