Who is required to file the Wealth Tax return (IP)?
You have to file a Wealth Tax return (individuals under personal or real obligation) if you are in any of these situations:
Those who, in accordance with the regulations for this tax and once the appropriate deductions or rebates have been applied, owe money, or
For the purposes of applying the first limit, it should be borne in mind that if the taxable base, determined in accordance with the tax rules, is equal to or less than the exempt minimum established, either generally at 700,000 euros, or in the amount that the Autonomous Communities have approved for their residents in the exercise of their regulatory powers over the aforementioned exempt minimum, there will be no obligation to file a tax return.
When the above does not apply, the value of their property or rights, determined in accordance with the tax regulations, is greater than 2,000,000 euros.
For the purposes of the application of this second limit, it includes all owned property and rights, whether or not they are exempt from the tax and calculated without considering any burdens or encumbrances that reduce their value or the personal obligations or debts for which the taxpayer is answerable.