Spain's 2024 personal income tax campaign — covering fiscal year 2024 and filed in 2025 — introduces a number of legislative changes that increase the tax burden on higher incomes, revise the treatment of residential letting income, and extend the range of energy transition deductions. This guide sets out the most significant modifications and their practical implications for individual taxpayers, self-employed professionals and company shareholders.
Official Filing Calendar for the 2024 Campaign
The key dates for the 2024 campaign (filed in 2025) are:
- 2 April 2025: Filing window opens; draft returns available on the Renta WEB platform.
- 6 May 2025: Start of the telephone filing service (Plan Le Llamamos).
- 2 June 2025: Start of in-person filing at AEAT offices.
- 25 June 2025: Deadline for returns with tax payable submitted with direct debit.
- 30 June 2025: Final deadline for all returns.
Split payment remains available: 60% on filing and 40% by 6 November 2025, without surcharges on the deferred instalment.
Principal Changes to Personal Income Tax for 2024
New top marginal rate in the general tax scale. The 2024 General State Budget introduced an additional bracket: above €300,000 of general taxable income, the marginal rate rises to 47%. The preceding brackets remain unchanged: 19% up to €12,450; 24% from €12,451 to €20,200; 30% from €20,201 to €35,200; 37% from €35,201 to €60,000; and 45% from €60,001 to €300,000.
Higher savings rate for large investment income. The savings rate on income exceeding €300,000 increases to 28% (from 26% in 2023). The lower brackets are maintained with a minor adjustment: 19% up to €6,000; 21% from €6,001 to €50,000; 23% from €50,001 to €200,000; and 27% from €200,001 to €300,000.
Residential letting deduction: full application of the Housing Act. The Housing Act (Ley 12/2023) applies in full to all rental contracts signed from 26 May 2023 onwards throughout 2024. The former general 60% reduction no longer applies as the default. The new system of enhanced reductions — ranging from 50% to 90% — applies based on four criteria: stressed residential market area, rent reduction compared to the prior contract, tenant under 35 years of age, or publicly subsidised housing. Contracts predating 26 May 2023 continue to benefit from the 60% reduction.
Energy efficiency deductions extended. The three-tier deduction scheme for energy renovation works — 20%, 40% and 60% — is extended for fiscal year 2024 with the same requirements and maximum bases as previous years. Works must be completed and certified before 31 December 2024 to qualify for a deduction in the 2024 return.
Cryptocurrency taxation now fully in force. Law 13/2023 amended the personal income tax rules to address cryptoassets, and these rules apply in full for 2024. Disposals of cryptoassets generate capital gains or losses taxable in the savings base. Exchanges between different cryptocurrencies also constitute a taxable event. The informative Form 721 (declaration of cryptoasset balances held abroad) must have been filed by 31 March 2025.
Implications for Self-Employed Professionals
For self-employed taxpayers using the direct assessment method, 2024 marks the full implementation of the real-income social security contribution system introduced in January 2023. Social security contributions paid are deductible as a business expense, but the taxpayer must verify that the contributions declared match those actually paid — discrepancies can arise when estimated income is recalculated at year-end.
Vehicle deductibility continues to be a common point of challenge. The AEAT’s position is that only vehicles used exclusively for business purposes are deductible in full — partial deduction for mixed-use vehicles is generally not accepted under the standard direct assessment method, except for freight or passenger transport operators.
Overseas Assets: Form 720
Although the Court of Justice of the EU found part of the original Form 720 penalty regime incompatible with EU law, the obligation to declare assets and rights held outside Spain remains. Under the revised penalty framework introduced by Law 5/2022, penalties are now proportional — 0.03% of the value of undeclared assets — rather than the fixed penalties struck down by the EU court. The declaration obligation persists for taxpayers whose foreign assets exceed €50,000 per category (bank accounts, securities, real estate).
Critical Items to Check in the AEAT Draft Return
Rental income withholdings. Where the taxpayer lets property to companies or professionals who apply a 19% withholding, these withholdings must match the data the AEAT incorporates into the draft. Discrepancies are common when the tenant changes mid-year.
Carryforward capital losses. Capital losses from 2020, 2021, 2022 and 2023 that have not yet been offset may reduce 2024 capital gains. Additionally, negative returns from capital investment can offset capital gains subject to a 25% cap on the gains amount.
Political party and trade union contributions. Membership fees and contributions to registered political parties and trade unions generate a 20% deduction — on trade union fees, and on the first €600 contributed to political parties. These items are not always pre-populated in the draft return.
Maternity deduction. Mothers of children under three years old who are employed or self-employed are entitled to a deduction of up to €1,200 per year per child, with an additional €1,000 if the child attends an authorised nursery. The draft return may not correctly reflect the entitlement period if employment started or ended partway through the year.
Key Recommendations for the 2024 Return
The 2024 return is particularly significant for taxpayers who completed major asset disposals during the year — property sales, share transfers, or exits from company shareholdings — given the increase in the savings rate to 28% on investment income above €300,000. For those taxpayers, retrospective planning is no longer possible, but accurate loss offset and careful sequencing of any remaining disposals remains important.
For the current campaign, the priorities are: reviewing the draft in detail from 7 April, documenting all applicable deductions, and filing before 25 June if the result is a tax payment with direct debit, to preserve the split-payment option.
At BMC our specialist tax team provides a full review of your personal tax return, identifying all deductions and offsets that the AEAT does not automatically include in the draft. See our tax services.
