4.2.13. M) Real rights of use and enjoyment, excluding those that, where applicable, fall on the subject's habitual residence

In this section, the real rights of use and enjoyment must be declared, including the rights of time-share use of real estate or other similar rights or formulas that do not entail partial ownership of the property.

However, real rights of use and enjoyment over the habitual residence, which must be declared in section A1) of section “A. “Urban real estate”.

Rules of assessment

Real rights of use and enjoyment will be valued according to the criteria indicated in the Tax on Property Transfers and Documented Legal Acts, taking, where applicable, as a reference the value assigned to the asset in accordance with the valuation rules of the Wealth Tax.

1. Temporary usufruct

   The value of the temporary usufruct will be estimated proportionally to the total value of the property, at a rate of 2% for each one-year period, without exceeding 70%. That is to say: (2*number of years remaining in the usufruct)% * total value of the property; with a maximum of 70%.

   For the calculation of the value of temporary usufruct, time fractions of less than a year will not be taken into account, although usufruct for a period of less than a year will be computed as 2% of the value of the assets.

2. Usufruct for life

   In the case of life usufructs, the value will be estimated to be equal to 70% of the total value of the property when the usufructuary is less than twenty years old, decreasing as age increases in the proportion of 1% less for each additional year with a minimum limit of 10% of the total value of the property. That is to say: [ 70 - (age of the taxpayer on the date of accrual of the Tax) ‑ 19 years)]% x total value of the property; with a minimum of 10%.

3. Use rights and room

   The value of the rights of use and habitation will be calculated by applying the rules corresponding to the valuation of temporary or life usufructs, as the case may be, to 75% of the value of the assets on which they were imposed.

   Rights to use real estate in turn

   The rights to timeshare use of real estate, whatever their nature, as well as other rights or similar formulas that do not entail partial ownership of the property, shall be valued at the purchase price of the certificates or other titles representing said rights.

4. Other real rights of use or enjoyment

   Real rights not included in the previous sections will be computed by the capital, price or value that the parties had agreed upon when establishing them, provided that it is greater than or equal to that resulting from capitalizing the annual income or pension at 3% (legal interest rate of money in force on the date of accrual of this Tax).

Completion

If the real right falls on real estate, you must first check the box in the window established for this purpose.

If you have to relate more elements than those contemplated in the program, you can declare them cumulatively in the last box. In this case you will only have to fill in the data relating to the description and the valuation.

In the "Key" column you will select:

• OR: Usufruct.

• D: Rights to use real estate by turns, constituted as a real right.

• EITHER: Other real rights of use and enjoyment.

If the real right falls on real estate, the location code, the property's cadastral reference and its location must be recorded: public road, number, municipality and province.

In the "Value of the asset" column, the value corresponding to the asset from which the right comes will be recorded, applying the valuation rules of this Tax that are included in the different sections of the Aid.

In the "Value of the right" column, the value corresponding to the right will be entered following the valuation rules already mentioned in this " Section M”.