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A non-resident asks whether debt from a new personal loan used to refinance a previous mortgage for property purchase in Spain is deductible under the Wealth Tax. The DGT responds that the debt is deductible based on its purpose, provided it can be proven that it was used to acquire the property in Spain.
Question raised: Whether the amount of the debt derived from the new personal loan intended to be entered into to refinance and cancel the previous personal loan would be deductible for the purposes of determining the taxable base of the Wealth Tax.
For taxpayers by real obligation, only debts for capital invested in assets located in Spanish territory are deductible. The debt is deductible based on its purpose, that is, to the extent that it is intended for the acquisition of real estate located in Spain and is duly justified. If the original loan was deductible based on its purpose, the new loan to refinance it shall also be deductible for the same reason.
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