Wealth Tax 2025

Remember that next July, form 718 must be submitted, for the Wealth Tax Temporary Solidarity (ISGF) corresponding to the year 2025.   Specifically, this self-assessment must be submitted electronically between July 1 and 31, but in the case of payment by direct debit, the deadline is July 28.

The ISGF taxes individuals' wealth, just like the Wealth Tax (IP) does. However, unlike the IP, the ISGF is a state tax (there is no transfer to the autonomous communities as in the IP).

Remember that this tax applies to individuals whose net wealth (after applying the corresponding exemptions) exceeds 3 million euros, with a minimum exemption of 700,000 euros. Therefore, you will only be affected by this tax if your net wealth exceeds 3.7 million. However:

• Merely exceeding the previous figure in net wealth is not enough to have the obligation to declare. Additionally, it is necessary that the tax due, once the applicable deductions and bonuses have been subtracted (including the paid IP tax), results in a payment obligation (a circumstance that does not occur in most cases).
• If the resulting tax due is zero or negative, there is no obligation to declare.