BackThe Large Fortunes Tax (BOE Law 38/2022, of December 27, 2022) began to be applied on December 31, 2022. Its name by definition is Temporary Solidarity Tax on Large Fortunes.
WHAT IS THE TAX ON LARGE FORTUNES ABOUT?
The Tax on Great Fortunes is a direct tax, personal in nature and complementary to the Wealth Tax. It is dedicated to tax the net wealth of individuals, provided that it is greater than 3 million euros.
It is a tax very similar to the Wealth Tax. There are similarities in terms of taxable and net taxable bases, taxpayers, territorial scope, as well as in the exemptions and in the limit of the total tax liability, among others. However, there are differences in that in the Large Fortunes Tax only taxpayers are taxed on the portion of assets not taxed in the corresponding Autonomous Community.
For the purposes of the Major Wealth Tax, the net worth of an individual is the totality of the assets and rights of which the individual is the owner, which implies a deduction of the taxes and charges that have decreased their value, as well as the debts and obligations for which he/she is liable.
WHEN DOES THE TAX ON LARGE FORTUNES HAVE TO BE PAID?
The Large Fortunes Tax will accrue on December 31 of each year, so that the net worth of the taxpayer liable for the tax on that date will be directly affected.
The filing of the declaration of the Temporary Large Fortunes Solidarity Tax will be made between July 1 and July 31 of the fiscal year following the one in which it is declared.
HOW LONG DOES THE TAX ON LARGE FORTUNES LAST?
The Large Fortunes Tax is in force for two years, so its application will be affected in the first two fiscal years in which the tax is accrued.
In addition to this, the new regulation also introduces a new review clause, in view of a more timely evaluation of the results and an assessment of maintenance or elimination.
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