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Source: Arrabe Asesores 3 October 2011

Changes to the Law of Wealth Tax

Government has decided to recover the tax on capital, ie, eliminate the bonus that was established in 2008 and changed some rules that governed at the appropriate

1. Exemption from the residence. The maximum amount is 300,000 euros free (before 150,253.03 euros).
2. Exempt amount in taxable income. Increases to 700,000 euros (before 108,182.18 euros). It is also envisaged that this minimum applies to taxpayers under real obligation to contribute (non-resident property or rights in Spain)
3. Duty Statement. If it is to enter, you must file the return and if not, the obligation will be for those with a heritage of more than 2 million euros (previously 100 million pesetas), even for those under real obligation to contribute (by presenting regardless of the amount of equity).

Also, returning the following rules:

1. Representatives of non-residents. Non-residents must appoint a resident representative, otherwise it will apply a financial penalty (thousand euros). It adds that the custodian and manager of the property or rights shall be jointly liable for the debt income.
2. Bonus share in Ceuta and Melilla and the possibility that the Communities and cities with the Statute of Autonomy deductions set compatible with the State, the application will come after them.
3. The formalities of filing the statements or self-assessments, as determined by the Ministry of Economy and Finance.

These new provisions govern only for the years 2011 and 2012, it is anticipated that in 2013 the bonus is applied again 100% and the abrogation of the obligations reinstated.

This has been established by Royal Decree-Law 13/2011, of September 16, which resets the wealth tax, temporarily, published in the Official Gazette on Saturday 17 September and with effect from September 18 .

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