1. Introduction

The Wealth Tax is a direct tax of a personal nature that taxes the net assets of individuals.

The net worth of a natural person is the set of assets and rights of economic content of which he or she is the owner, after deducting the charges and liens that reduce their value, as well as the debts and personal obligations for which the owner must respond.

The Wealth Tax is applied throughout the national territory, without prejudice to the tax regimes of Agreement and Economic Convention in force in the Historical Territories of the Basque Country and the Foral Community of Navarre, respectively.

The Wealth Tax is a tax whose income is entirely transferred to the Autonomous Communities.

As a result of the transfer, the Autonomous Communities will be able to assume regulatory powers over the minimum exemption, the tax rate and the deductions and bonuses of the quota.

The deductions and bonuses approved by the Autonomous Communities will, in any case, be compatible with those established in the state regulations governing the tax and may not entail a modification of the same.

These regional deductions or bonuses are applied after those regulated by state regulations. If the Autonomous Communities do not make use of the regulatory powers over this tax, the State regulations will apply instead.