Solidarity wealth tax for high-net-worth individuals: key aspects

15 November 2022

As had been previously announced, last week the PSOE and Unidas Podemos political parties presented a series of amendments to the Draft Law for the establishment of temporary taxes on energy and on credit institutions and financial credit establishments in which they propose, among other measures, the creation of a new tax: the Solidarity Wealth Tax For High-Net-Worth Individuals (“Solidarity Tax”).

The Solidarity Tax, which will be temporary, is designed to demand more from taxpayers with higher economic capacity in order to tackle the energy and inflationary crisis, and to harmonise wealth taxation among Spain’s autonomous regions.

This memo addresses the key points of the Solidarity Tax.