The 2024 Spanish income tax campaign — covering fiscal year 2024 and filed in 2025 — opened on 2 April 2025 with a package of regulatory changes that increase the tax burden on higher earners, modify the treatment of rented residential property and expand the catalogue of deductions linked to the energy transition. This guide sets out the most relevant changes and their practical implications for individual taxpayers, the self-employed and company shareholders.
Official Calendar for the 2024 Income Tax Campaign
The key milestones for the 2024 campaign (filed in 2025) are:
- 2 April 2025: Filing period opens and draft return (borrador) becomes available on Renta WEB.
- 6 May 2025: Start of the “Le Llamamos” (We Will Call You) plan for telephone filing.
- 2 June 2025: Start of in-person appointments at AEAT offices.
- 25 June 2025: Last day for returns with a balance due by direct debit.
- 30 June 2025: Final filing deadline.
The instalment payment facility remains in place: 60% at the time of filing and 40% by 6 November 2025, with no surcharges.
Principal Changes to IRPF for Fiscal Year 2024
New bracket in the general scale. The General State Budget Act for 2024 introduced a new bracket in the general taxable base: above €300,000, 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; 45% from €60,001 to €300,000.
Increase in the savings rate for high-value portfolios. The savings-rate bracket for income above €300,000 rises to 28% (from 26% previously). The lower brackets are unchanged: 19% up to €6,000; 21% from €6,001 to €50,000; 23% from €50,001 to €200,000; 27% from €200,001 to €300,000.
Residential rental relief: new rules. The Housing Act (Act 12/2023) is fully applicable in fiscal year 2024 to all tenancy agreements signed from 26 May 2023 onwards. The flat 60% relief is no longer the standard reference: the system of enhanced reliefs (ranging from 50% to 90%) applies based on four criteria: location in a stressed residential market area; reduction in rent compared with the previous tenancy; tenant under 35 years of age; or socially protected housing. Agreements predating 26 May 2023 retain the 60% relief.
Extension of energy-efficiency deductions. The three categories of deduction for energy-efficiency rehabilitation works — 20%, 40% and 60% — are extended for fiscal year 2024 on the same requirements and maximum bases as in prior years. Works must be completed and certified energetically before 31 December 2024 to generate the right to the deduction in this fiscal year.
Taxpayers with crypto currencies. Act 13/2023, which amended the IRPF Act to align the tax treatment of crypto currencies, is fully applicable in 2024. Transfers of crypto assets generate capital gains or losses taxed on the savings base. Exchanges between different crypto currencies also constitute a taxable event. The informative Form 721 (declaration of crypto-currency balances held abroad) must have been submitted by 31 March 2025.
Implications for the Self-Employed on Direct Assessment
For self-employed persons (autónomos) taxed under direct assessment (estimación directa), 2024 brings the full implementation of the real-income Social Security contribution system that has been in force since January 2023 but whose definitive contribution tables were approved in 2024. Social Security contributions paid are a deductible expense for the self-employed business activity, but the taxpayer must verify that the contributions declared match those actually paid.
Additionally, self-employed persons who have claimed deductions for vehicles should review the AEAT’s position: only vehicles used exclusively for business purposes are deductible (with limited exceptions such as goods or passenger transport). Mixed personal and business use does not generate partial deductibility under standard direct assessment.
Declaration of Overseas Assets: Form 720
Although the Court of Justice of the European Union declared parts of the old Form 720 penalty regime partially incompatible with European law, the obligation to declare assets and rights held abroad remains in force. The penalties applicable since the reform introduced by Act 5/2022 are proportional (0.03% of the value of undeclared assets), but the obligation itself persists for those holding overseas assets exceeding €50,000 per category. The glossary entry for Form 720 provides further detail.
Key Points to Review in the 2024 AEAT Draft Return
Rental withholdings. If the taxpayer has residential property rented to companies or professionals, the 19% withholdings applied by tenants must match the information that the AEAT incorporates into the draft return. Discrepancies are common when there is a change of tenant during the fiscal year.
Pending capital losses for offset. Capital losses carried forward from 2020, 2021, 2022 and 2023 may be offset against 2024 capital gains. It is also possible to offset negative capital income against capital gains (subject to a limit of 25% of the latter).
Political party and trade union contributions. Membership fees and contributions to political parties and trade unions generate a deduction of 20% (trade union fees) or 20% on the first €600 (political party contributions). These items do not always appear in the draft return.
Maternity deduction. Mothers with children under three years of age who are in paid employment (employed or self-employed) are entitled to a deduction of up to €1,200 per year per child, plus an additional €1,000 if the child attends an authorised nursery. The draft return may not correctly reflect the calculation period if employment started or ended part way through the fiscal year.
Practical Recommendations for the 2024 Return
The 2024 tax return is particularly relevant for those who carried out significant asset transactions — sales of property, shares or business interests — during the year, since the increase in the savings rate to 28% for capital returns above €300,000 can have a material impact. For these taxpayers, timing the transaction or deferring it to 2025 could have reduced the tax bill.
For the current campaign, the priority is to review the draft return in detail, document all applicable deductions and file before 25 June if the return shows a balance due with direct debit, to preserve the instalment payment facility.
At Blue Mountain Consulting we carry out a comprehensive review of your return, identifying all deductions and offsets that the AEAT does not automatically include in the draft. Contact our tax services team at /en/fiscal/planificacion-fiscal.
