Which assets are exempt under the Wealth Tax Law?
In general, certain assets and rights are exempted provided that certain requirements are met.
Spanish Historical Heritage Assets
Assets forming part of the Historical Heritage of the Autonomous Communities
Certain art objects and antiquities.
Intellectual and industrial property rights
Securities owned by non-residents
Business and professional assets.
Participating interests in certain entities
Taxpayer's principal residence
Exemption of the taxpayer's main residence
The taxpayer's habitual residence is exempt, to a maximum sum of 300,000 euros.
The exemption shall be applied by a taxpayer who holds full or shared property rights over the habitual residence, or a real right of use or enjoyment over it (usufruct, use or residence).
What is considered as household furnishings for the purposes of this Tax?
Household furnishings are considered to be personal and household effects, household utensils and other movable property for the private use of the person, except:
furs of a sumptuary nature,
vehicles, vessels and aircraft,
Regional exemptions for assets and rights forming part of the protected patrimony of persons with disabilities
The Autonomous Community of the Canary Islands and the Autonomous Community of Castilla and León have established exemptions for the assets and rights forming part of the protected assets of persons with disabilities for taxpayers resident in their respective territories, provided that certain requirements are met.