The text of the new Temporary Solidarity Tax on Large Fortunes has been published. It will apply to assets held as of December 31, 2022. The taxable event is having a net worth exceeding €3,000,000 at the time the tax accrues. It will be applied in the first two tax years following its entry into force.

We inform you that the text of the new Solidarity Tax, which will be applied in relation to assets held as of December 31, 2022, has been published on the website of the Congress of Deputies.

Specifically, on November 10, 2022, amendments were presented to the Bill for the establishment of temporary energy levies and levies on credit entities and financial credit establishments, which is currently in parliamentary processing.

Among others, several amendments have been introduced that, on the one hand, create the Temporary Solidarity Tax on Large Fortunesand, on the other hand, modify various tax regulations (Laws on Wealth Tax, Corporate Tax and Inheritance and Gift Tax, among others).

The new Temporary Solidarity Tax on Large Fortunes

This new tax, introduced with the stated aims of increasing revenue and harmonizing regional regulations, is configured as a direct, personal, and complementary tax to the Wealth Tax, which will tax net assets above 3,000,000 euros and will be applied throughout the national territory (without prejudice to the Basque and Navarrese special regimes - whose modification is foreseen in the amendment itself - and to the provisions of international treaties and agreements that form part of the internal order), without being able to be transferred to the autonomous communities.

Taxable event and accrual

The taxable event is having a net worth exceeding 3,000,000 euros at the time the tax accrues, with the accrual occurring on December 31 of each year (therefore, if approved before the end of this year, the years 2022 and 2023 will be the ones paid).

Unless proven otherwise, assets and rights that belonged to the taxpayer at the time of the previous accrual are presumed to form part of the assets.

Exemptions

The following are declared exempt from wealth tax (Historical Heritage Assets, works of art and antiques, artists' own work, household goods, habitual residence, rights of economic content linked to social security systems, elements related to economic activities and shares in entities…).

Taxpayers

Those who are subject to Wealth Tax (IP) in accordance with the provisions of Article 5 of Law 19/1991 on Wealth Tax.

Taxpayers who are not resident in another Member State of the European Union will be required to appoint, before the end of the tax return period, a natural or legal person resident in Spain, to represent them before the Tax Administration in relation to their obligations for this tax.

The assets and rights will be attributed to the taxpayers according to the rules on legal ownership applicable in each case and based on the evidence provided by them or discovered by the Tax Administration. In this respect, the rules on ownership of assets and on assets or rights acquired with deferred payment or reservation of title established in Law 19/1991 on Wealth Tax will apply.

Taxable and assessable base

The taxable base is the value of the net worth of the taxpayer, which will be determined by the difference between the value of the assets and rights that he or she owns and the charges and encumbrances of a real nature, when they reduce the value of the respective assets or rights, and the personal debts or obligations for which the taxpayer or he or she must answer.

In the case of personal obligation and as a minimum exemption, the taxable base will be reduced by 700,000 euros.

Tax rate

The tax rates on the following scale will be applied to the taxable base:

It is noted that the full amount of this tax together with the amounts of the IRPF and the IP, cannot exceed 60% for taxpayers subject to personal obligation.

Are there any deductions or bonuses on the fee?

It is established that the deduction for taxes paid abroad is applicable under the same terms as those established in Article 32 of Law 19/1991 on Wealth Tax, in the case of personal obligation to contribute.

Likewise, the tax credit regulated in Article 33 of Law 19/1991 of the IP applies to assets or rights located or that should be exercised in Ceuta and Melilla.

Finally, the amount of IP tax actually paid for the year can be deducted.

What will the management standards be?

The obligation to submit a declaration, to carry out self-assessment and, where applicable, to pay the tax debt is established in the place, form and deadlines determined by the head of the Ministry of Finance, who may establish the cases and conditions for submitting declarations by electronic means.

All relevant information contained in the declarations must be completed, accompanied by the required documents and supporting evidence, and submitted to the locations determined by the Minister of Finance.

What is its validity period?

It is determined that it will apply in the first two fiscal years in which it accrues after its entry into force. However, a review clause is introduced to carry out an evaluation to assess the results of the tax and, if appropriate, propose its maintenance or elimination at the end of the validity period.

You can contact this professional office for any questions or clarifications you may have.

Warm regards,

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A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.

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