For the income tax return of the year 2014, the gains and losses of assets arising from conveyances with vesting period equal or lower to a year, were included in the general tax base, whereas such gains and losses with a vesting period of more than a year were included in the tax base of savings.
The applicable legislation regarding the obtaining of the income tax return for natural persons (IRPF) has eliminated such difference between long term and short term. This means that from 01.01.2015, all gains and losses of assets arising from conveyances shall be included in the tax base of savings.
Taxation on the tax base of savings
The capital gains generated by the purchase-sales of assets shall be taxed as part of the tax base of savings of the scheme for IPRF; independently of the vesting period.
In this way, from 2015 onwards, all capital gains shall tax the same percentage that corresponds to the tax base for savings:
Tax base of savings Applicable rate % Up to 6.000 € 20 % Between 6.000€ and 50.000€ 22 % From 50.000€ onwards 24 %
The tax rates of savings will change in 2016
More decreases for the year 2016 will boost to sell with gains in 2016 as there will be a decrease of one per cent; tax rates will be as follows:
Tax base of savings Applicable rate % Up to 6.000 € 19 % Between 6.000€ and 50.000€ 21 % From 50.000€ onwards 23 %
Attention, you must take into account that these measures will be applicable in the income tax return for 2015, which will be filed in April, May and June 2016. Thus, these measures will not affect the income tax return for 2015, which will be filed in April, May and June 2015.
New exemption in case of severance pay
The limit of 180.000 euros regarding the exemption for severance payments or cease of the employee is applicable:
– In case of dismissals from 1.8.2014
– In case of collective dismissals when the corresponding procedure has been initiated before 1.8.2014.
Do you wish to obtain more information regarding the IRPF? Do you have any doubts on how to obtain and file the Income Tax Return for Natural Persons? Do not hesitate to contact our law firm and English-speaking economists.
María Teresa Arcos, lawyer in Marbella
Wim Lamers, economist in Marbella.
- Accountant in Spain, Accountant Marbella, Spanish law firm, Spanish tax,