8.2.5.1. Collective investment institutions
Taxpayers who are members or participants of collective investment institutions regulated by the Collective Investment Institutions Act shall be charged in accordance with the provisions of the Tax Act, the following incomes:
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The capital gain or loss obtained as a result of the transfer of the shares or participations or the reimbursement of the latter. When there are homogeneous securities, those transferred or reimbursed by the taxpayer will be considered to be those that were first acquired.
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The results distributed by collective investment institutions.
Deferral regime for reinvestment (Article 94 of the Act)
When the amount obtained is used to acquire or subscribe other shares or holdings in collective investment institutions. The capital gain or loss will not be calculated, and the new shares or shares subscribed will retain the value and date of acquisition of the shares or shares transferred or redeemed.
This deferral regime shall apply in the following cases:
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In redemptions of investments in collective investment institutions that are considered investment funds.
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In the transfer of shares of collective investment institutions with a corporate form, provided that the following two conditions are met:
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The number of members of the collective investment institution whose shares are transferred is greater than 500.
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The taxpayer has not participated, at any time within the twelve months prior to the date of transmission, in more than 5 per 100 of the capital of the collective investment institution.
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The deferral regime will not be applicable when, by any means, the amount derived from the reimbursement or transfer of the shares or holdings is made available to the taxpayer.
Requirements
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The acquisition, subscription, transfer and reimbursement of shares and holdings will be carried out through trading companies registered with the Spanish Securities Market Commission.
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If the collective investment institution is structured in subfunds or subfunds, the number of members and the maximum percentage of participation provided in point B) above will be understood to refer to each marketed subfund or subfund.
The deferral regime provided for in the previous section will not be applicable when the transfer or reimbursement or, if applicable, the purpose of the subscription or acquisition is to take part in the equity of the listed investment funds or shares of the companies of the same type as Article 49 of the Regulation of the Act 35/2003, of 4 November, on collective investment institutions.