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Source: Diario Expansión 21 September 2011

How does the Tax Equity as my mortgage and my pension plan?

Experts detail the recovery of the tax impact on the middle classes, unlike the claims of the government against the family business.

The Economy and Finance Minister, Elena Salgado, had yesterday to do several accounts with pen and paper to explain the details of the Heritage Tax recovery, especially in regard to the minimum exemption for residence. Salgado said that the objective is to avoid taxing the wealth means. But experts do not leave the accounts.

Thus, the large print of the measure said that the minimum exemption is raised up to 700,000 euros per taxpayer and the minimum residence exempt for up to 300,000 euros, which is double the existing until 2008. The Government considers this "excludes the tax on middle classes, who were largely supported it." However, tax advisers and inspectors warn that the real victims of the reform are the middle class, "middle-middle" because the high-high and measures will best stops.

How is taxation?
On equity, ie, on the declaration of all goods, which are deducted the debts. Calculate the average balance for the fourth quarter or December 31. He always chooses the highest amount.

Do they count mortgage?
Yes, as all the debts deducted.

On what value of the property is taxed?
On the cadastral value, acquisition, or the one for tax purposes as ITP, the highest. Usually the valuation. The problem with this system is that the assessed value has not decreased despite the crisis. But 20 years ago, for example, was higher, so that those who have finished paying for a building of this age now taxed.

¿Taxable pension or severance pay?
Yes pension plans if they do it for recovering Heritage or redeemed. Compensation for an individual or collective dismissal will do that.

Who can be more affected by the recovery of tax?
Pensioners or those with certain real estate with an assessed value high and no mortgage. Thus, it may happen that a marriage that has a property bought 20 years ago and with an assessed value of 500,000 euros and have been dismissed at an ERE must pay taxes on 2%, according to the CAAC in which they reside -. Another example would be a pensioner with a pension plan. If you may have to pay tax rescued about 3,000 or 4,000 euros.

How do you avoid taxed on Heritage?
The most common is the creation of societies where backwater heritage, known recourse to the creation of family businesses, which have a 95% rebate. Many families report a real estate company that is dedicated to the leasing of four or five floors. Another way is to play cop with the income limit. The tax advisor builds a network for which revenues are left on society.

What time is the tax field?
The tax is restored for 2011 and 2012. Improvisation is one of government matters more harshly criticize the experts, since these fluctuations demolish the planning of the citizens. For 2011 there is very little margin. Always keep the next government measure.

Ultimately it affect the high rents?
Doing so will be for the short reaction time has been, as many have changed their tax strategies when the government eliminated the tax in 2008. Thus, large sicavs and taxable mutual funds. But it will happen visits Register to create societies have the assessors.

The first 'rich' pay taxes asking Spanish
Catalan Joan Molins, CEO of Cementos Molins and former Economy Circle, has become the first major Spanish businessman to speak out in favor of higher taxes for higher incomes, taxing capital and changing the tax societies such as facilitating Sicav.

In an interview with Efe, Molins said yesterday that these systems "prevent many come to pay income taxes than their share. This should be simplified and should eliminate this type of figures. " On the other hand, several members of Congress have said if they touch or not to pay the Tax Equity, more morbid debate since their incomes were made public last week. Thus, the financial vice president, Elena Salgado, said that will not be charged. Nor will the spokesmen of CiU and PNV, Josep Antoni Duran Lleida and Josu Erkoreka. Eduardo Madina, the PSOE, admits he will have to.

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