4.3.4. Full quota limit

The total amount of the Wealth Tax, together with the Personal Income Tax amounts, may not exceed, for taxpayers subject to the tax by personal obligation, 60% of the sum of the Personal Income Tax tax bases.

For these purposes:

1. The portion of the Wealth Tax corresponding to assets that, due to their nature or purpose, are not likely to produce the income taxed by the Personal Income Tax Law will not be taken into account.

2. The part of the taxable savings base derived from capital gains and losses corresponding to the positive balance obtained from the transfer of assets acquired or improvements made to them more than one year prior to the date of transfer, or the part of the full Personal Income Tax payments corresponding to said part of the taxable savings base, the amount of which will be entered in box 32 of the Wealth Tax, will not be taken into account.

   To determine this amount, the net balance of capital gains and losses obtained in the year arising from the transfer of assets acquired more than one year prior to the date of the transfer must first be calculated.

3. The amount received and not included in the personal income tax return for the distribution of dividends and shares in profits obtained in years in which the special regime for holding companies was applied will be added to the taxable base of savings (Section 6 a) of the Twenty-second Transitional Provision of the Revised Text of the Corporate Tax Law approved by Royal Legislative Decree 4/2004, of March 5).

4. In the event that the sum of both quotas exceeds the above limit, the Wealth Tax quota will be reduced until reaching the indicated limit, without the reduction being able to exceed 80%.