We analyse the solidarity tax for the wealthy for Expansión
Taxes and regulations
Redacción CIM Tax & Legal
The tax on large fortunes has recently come into force, which is configured as a complementary tax to the Wealth Tax, of a state nature, not subject to transfer to the Autonomous Communities, in order to levy an additional tax on the wealth of individuals in excess of 3,000,000 euros.
This modification penalises people with a mental disability equal to or greater than 33%, or a physical or sensory disability equal to or greater than 65%, as the same parameters apply to this group as to the rest of the population and, consequently, they will have to pay the new tax if their assets exceed 3 million euros.
Our Tax Manager, partner of the firm and specialist in wealth management, Blanca Llopart de Mercader explains to Expansión, the leading newspaper in economics and market information, that the Solidarity Tax for the Great Fortunes will involve the taxation of protected assets that, until now, had their taxation reduced in the wealth tax in various autonomous communities.
In his contribution, Llopart points out that it is paradoxical that the official name the Government has given to the surcharge is "solidarity tax on large fortunes", as it is curious to speak of solidarity given the impact it has on those who really need it, as these resources can only be used to guarantee the vital needs of the beneficiary and can never be squandered.
Since 2003, legislation has included a specific regulation for the so-called protected assets. This type of fund is tax deductible for both Wealth Tax and Inheritance and Gift Tax, and comes from contributions made by the family members of the person with a disability, either in the form of rights or assets.