Bill to tax fortunes above 50 million euros

Automatic summary, not yet reviewed

1. The bill would create the Levy on Wealth Concentration, a non-tax public patrimonial charge for individuals with net wealth above 50 million euros. A single 3% rate would apply to the amount above that threshold.
2. The revenue would go to a new Childhood Protection Fund, intended to finance a universal child-rearing benefit for people under 18. The Government would have to send Parliament a bill on that benefit within six months.
3. Exempt items would include historic heritage, certain artworks held in public deposit, artists' own works, household goods, and the main home up to 300,000 euros. There would be no general exemption for business assets or company shares.
4. Residents in Spain would pay on all their wealth, and non-residents only on assets in Spain. Anyone moving abroad would remain subject for five years, unless exceptions in the law apply.
5. The levy would be coordinated with the Wealth Tax and the Temporary Solidarity Tax on Great Fortunes through deductions to avoid paying twice on the same assets. It would also set a maximum marginal rate of 3.5% in the Wealth Tax for the base above 50 million euros.
6. The levy would accrue on December 31 each year, would be managed by the State, and could not be transferred to the autonomous communities. The first accrual would be on December 31 of the year after the law takes effect.

Who it affects

• Individuals with net wealth above 50 million euros, resident in Spain: They would have to file a return and pay 3% on the amount above that threshold.
• Non-residents with assets in Spain: They would pay only on assets located or exercisable in Spanish territory.
• Families with children under 18: They would benefit from the universal child-rearing benefit financed by the new Fund.
• Non-residents without a representative in Spain: They face a fixed fine of 100,000 euros if they fail to appoint one.

Words worth knowing

Prestación patrimonial pública de carácter no tributario

An obligation to pay money to the State that, under the bill, is not technically a tax but a contribution tied to a specific purpose.

Devengo

The moment the debt is calculated, here December 31 of each year.

Obligación personal y obligación real

Personal liability covers residents on all their assets; real liability covers non-residents only on assets in Spain.

Autoliquidación

Self-assessment: taxpayers themselves calculate and file the amount due.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries