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Practical Manual for Heritage 2024.

Example

Mr. JBA, single and resident in Toledo, presents the following tax information corresponding to his Personal Income Tax and Wealth Tax ( IP ) returns for the 2024 fiscal year.

  • General taxable base of IRPF : 50,000
  • General taxable base of IRPF : 48,000
  • Minimum personal and family: 5.550
  • Taxable and liquidable base of savings of IRPF : 2,000
  • Total general state and regional share of IRPF :12,407
  • Full share of savings of IRPF : 380
  • Taxable base of the Wealth Tax ( IP ): 8,000,000
  • Total amount of the Wealth Tax: 112,354.37

Determine the amount to be paid for the Wealth Tax corresponding to the 2024 fiscal year, knowing that the part of the savings tax base derived from capital gains and losses that corresponds to the positive balance of those obtained from transfers of assets acquired more than one year prior to the date of the transfer amounts to 1,000 euros, and that the net value of the assets declared not likely to produce returns in the Personal Income Tax amounts to 250,000 euros

Solution:

  • Wealth Tax rate corresponding to unproductive assets: (250,000 x 112,354.37) ÷ 8,000,000 = 3,511.07

  • Wealth Tax Quota susceptible to limitation (112,354.37 – 3,511.07) = 108,843.30

  • General state and regional integral share of IRPF : 12.407

  • State and regional total share of the savings of IRPF for the purposes of the limit (1):190

    • Sum of full quotas of IRPF (12,407 + 190) = 12,597

    • Sum of full quotas of IRPF and IP (12,597 + 108,843.30) = 121,440.30

  • Limit of full quotas IRPF and IP (60% s/ 51,000) = 30,600

    • General taxable base of IRPF : 50,000

    • Taxable savings base IRPF : 1,000 (2)

  • Theoretical reduction to be made in the total amount of the Wealth Tax (121,440.30 – 30,600.00) = 90,840.30

  • Maximum limit for reduction of the total share of assets: (80% s/112,354.37) = 89,883.50

  • Amount to be paid Tax on Assets (112,354.37 – 89,883.50) (3) = 22,470.87

Notes to the example:

(1) For the purposes of determining the full savings rate of IRPF , the part corresponding to the positive balance of capital gains and losses obtained from the transfer of assets acquired more than one year prior to the date of the transfer has not been taken into account. That is, (380 ÷ 2,000) x 1,000 = 190 euros.(Back)

(2) For the purposes of determining the taxable base for savings of IRPF , the part corresponding to the positive balance of capital gains and losses obtained from the transfer of assets acquired more than one year prior to the date of the transfer has not been taken into account. That is, (1,000 ÷ 2,000) x 2,000 = 1,000 euros.(Back)

(3) The amount to be paid for the Wealth Tax coincides with the amount of the minimum fee (20% of 112,354.37 = 22,470.87 euros). By applying this minimum rate, a non-reducible excess of 956.80 euros is produced, which is the difference between the theoretical reduction (90,840.30) and the maximum reduction limit (89,883.50).(Back)