Which assets are exempt under the Wealth Tax Law?

In general, certain assets and rights are exempted provided that certain requirements are met.

1. General exemptions:

   • Spanish Historical Heritage Assets

   • Assets forming part of the Historical Heritage of the Autonomous Communities

   • Certain art objects and antiquities.

   • Household furnishings

   • Economic rights

   • Intellectual and industrial property rights

   • Securities owned by non-residents

   • Business and professional assets.

   • Participating interests in certain entities

   • Taxpayer's principal residence

2. Exemption of the taxpayer's habitual residence

   The taxpayer's habitual residence is exempt, to a maximum sum of 300,000 euros.

   The exemption shall be applied by a taxpayer who holds full or shared property rights over the habitual residence, or a real right of use or enjoyment over it (usufruct, use or residence).

3. What is considered as household furnishings for the purposes of this Tax?

   Household furnishings are considered to be personal and household effects, household utensils and other movable property for the private use of the person, except:

   • jewellery

   • furs of a sumptuary nature,

   • vehicles, vessels and aircraft,

   • art objects

   • antiques.

4. Some Autonomous Communities have established exemptions from assets and rights that form part of the protected assets of persons with disabilities for taxpayers residing in their respective territories, provided that certain requirements are met.