Spain's constitutional court rejects challenge over additional wealth tax

Spain's constitutional court has rejected the challenge brought by the Autonomous Region of Madrid against the Temporary Solidarity Tax on Major Fortunes (TSTGT). The 'additional wealth tax' was introduced at the end of 2022, as a temporary measure to supplement Spain's existing wealth tax, covering the fiscal years 2022 and 2023, unless subsequently extended. A 1.7% charge applies to assets from €3m to €5.35m, 2.1% on the next €5.3m and 3.5% on assets above €10.7m. International law firm Osborne Clarke said in a briefing note on 10 November that the ruling was supported by the dis...