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Form 100. 2020 Personal Income Tax Return Declaration

8.2.5.1. Collective investment institutions

Taxpayers who are partners or participants in collective investment institutions regulated by the Collective Investment Institutions Law will impute the following income in accordance with the provisions of the Tax Law:

  1. The capital gain or loss obtained as a result of the transfer of shares or interests 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 he acquired in the first place.

  2. The results distributed by collective investment institutions.

Reinvestment deferral regime (art. 94 Law)

When the amount obtained is used to acquire or subscribe to other shares or interests in collective investment institutions. The capital gain or loss will not be computed, and the new shares or participations subscribed will retain the value and acquisition date of the shares or participations transferred or redeemed.

This deferral regime will be applicable in the following cases:

  1. In the repayment of shares in collective investment institutions that are considered investment funds.

  2. In the transfer of shares of collective investment institutions in corporate form, provided that the following two conditions are met:

    • That the number of partners of the collective investment institution whose shares are transferred is greater than 500.

    • That the taxpayer has not participated, at any time within the twelve months prior to the date of the transfer, in more than 5% of the capital of the collective investment institution.

The deferral regime will not apply when, by any means, the amount derived from the reimbursement or transfer of shares or interests is made available to the taxpayer.

Requirements

  1. The acquisition, subscription, transfer and reimbursement of shares and interests will be carried out through marketing entities registered with the National Securities Market Commission.

  2. In the event that the collective investment scheme is structured into compartments or sub-funds, the number of partners and the maximum percentage of participation provided for in letter B) above shall be understood to refer to each compartment or sub-fund marketed.

 

The deferral regime provided for in the previous section shall not apply when the transfer or reimbursement or, where appropriate, the subscription or acquisition concerns shares representing the assets of listed investment funds or shares of companies of the same type referred to in article 49 of the Regulation of Law 35/2003, of November 4, on collective investment institutions.