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A professional inquires whether their leased properties may be exempt from Wealth Tax upon hiring a full-time employee. The DGT indicates that the exemption is possible if the activity is economic, carried out habitually, personally, and directly, and constitutes their main source of income.
Question posed: Whether properties intended for lease are considered assets assigned to business activities and, if so, whether such properties could benefit from the Wealth Tax exemption provided for in Article 4.Eight.One of Law 19/1991 on Wealth Tax.
For the leasing of real estate to constitute an economic activity, at least one person must be employed under a full-time employment contract. The Wealth Tax exemption requires that the activity be habitual, personal, and direct, and that it be the main source of income (at least 50% of the Personal Income Tax taxable base must derive from net income from economic activities). Compliance with these requirements is a matter of fact to be assessed by the Administration.
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