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 part of the taxable savings base derived from capital gains and losses that corresponds to the positive balance obtained from the transfer of assets acquired or from 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, will not be taken into account.

   The amount of dividends and profit shares referred to in letter a) of section 6 of the twenty-second transitional provision of the consolidated text of the Corporate Income Tax Law approved by Royal Legislative Decree 4/2004, of March 5, will be added to the taxable savings base.

2. 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.

3. 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%.

When members of a family unit have opted for joint taxation in the Personal Income Tax, the limit of the joint total quotas of said Tax and the Wealth Tax will be calculated by accumulating the total quotas accrued by them in the latter tax.

Where applicable, the reduction to be applied will be prorated among the taxpayers in proportion to their respective full quotas in the Wealth Tax.