Hacienda's tax campaign 2026: key deductions to watch

With just hours until the launch of Spain's 2026 tax campaign, citizens must be aware of the crucial deductions that will help reduce their fiscal bills for the 2025 financial year. The tax authorities will be closely scrutinizing several groups, including high net worth individuals and self-employed workers.

Increased taxation on large fortunes

The wealthiest patrimonies, exceeding €300,000, will face a 1% hike in taxation, rising from 14% to 15%. This affects assets such as cryptocurrencies, real estate, and other high-value investments.

Autonomous workers under the lens

Self-employed individuals must also beware, as their activity-related expenses are under heightened scrutiny. These expenses can change year-on-year, making it easy to fall into errors that could lead to penalties from the tax agency.

Furthermore, this is the first year Hacienda will consider regularization of past-due tax payments as a factor in applying deductions. Failure to declare 2023 taxes and instead filing for 2024 could result in unwanted correspondence from the tax authorities.

When claiming deductions, be sure to have all necessary proof readily available, as Hacienda may request additional information. Certain expenses, such as home energy efficiency upgrades or auto-consumption installations, tend to raise more questions.