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Type a law, a topic, a person or a province.

What it is

How Spain taxes the net wealth of individuals

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 31 July 1990. Introduced by: Gobierno.

Official title: Government bill on the Wealth Tax.

Follow this law

Source: Congreso de los Diputados, file 121/000034· updated 11 Nov

Automatic summary, not yet reviewed

  1. The Wealth Tax taxes the net wealth of individuals: their assets and rights with economic value, minus charges and debts. It applies to the wealth owned on December 31 of each year.
  2. People habitually resident in Spain pay tax on all their wealth, wherever it is located. Non-residents pay only on assets and rights located in Spain, and must appoint a representative domiciled in Spain before the tax authorities.
  3. Exempt items include assets of Spanish Historic Heritage, household goods, vested rights under pension plans, and intellectual or industrial property rights while held by the author.
  4. The law sets how to value each type of asset. Real estate is computed at the highest of cadastral value, value verified by the Administration, or purchase price; bank accounts at their December 31 balance; listed shares at their average fourth-quarter trading price; and jewelry or cars at market value.
  5. There is an exempt minimum of 15 million pesetas, which may rise to 20 million by law. The remainder is taxed at rates from 0.20% to 2.50%. Also, the combined amount of this tax and personal income tax The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings. cannot exceed 70% of the income tax base.
  6. Each taxpayer files a return and self-assessment. Filing is required for those exceeding 15 million pesetas of taxable base or 100 million in asset value, and for non-residents in all cases. The law takes effect on January 1, 1992.

Who it affects

  • Individuals habitually resident in Spain, who pay tax on all their wealth.: They must file a return if they exceed the limits on taxable base or asset value.
  • Non-residents with assets or rights in Spain.: They pay tax only on those assets and must appoint a representative in Spain.
  • Owners of artworks, antiques, or Spanish Historic Heritage assets.: They may be exempt if they meet the law's requirements.
  • Holders of bank accounts, shares, real estate, or jewelry.: They must value them under the specific rules the law sets for each asset type.

Words worth knowing

Patrimonio neto (net wealth)
All of a person's assets and rights with economic value, minus their debts and charges.
Devengo (tax accrual)
The moment the tax is considered due; here, December 31 of each year.
Valor catastral (cadastral value)
The value the Administration assigns to real estate for local tax purposes.
Obligación personal and obligación real (personal and real tax liability)
Personal: paying tax on all wealth because you live in Spain. Real: paying only on assets located in Spain, if you do not live there.
Autoliquidación (self-assessment)
A return in which the taxpayer calculates and pays the tax themselves.
income tax
The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced31 July 1990Someone registers the text in the Congreso.
  2. Admitted31 July 1990The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 2 official steps on a timeline
Jul 199011. 31 July 1990: Presentación22. 31 July 1990: Calificación

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 19/1991, of June 6, on the Wealth Tax.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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