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Form 100. Personal Income Tax Declaration 2021

8.2.5.1. Collective investment institutions

Taxpayers who are partners or participants in the collective investment institutions regulated in the Collective Investment Institutions Law will allocate the capital gain or loss obtained as a result of the transfer of the shares or participations or the reimbursement of the latter. 

The capital gain or loss will be computed by the difference between its acquisition value and the transfer value.

Transmission value

The transfer value will be determined by the net asset value applicable on the date on which said transfer or redemption occurs or, failing that, by the last published net asset value.

When there is no net asset value, the value of the net assets corresponding to the shares or participations transferred resulting from the balance sheet corresponding to the last fiscal year closed prior to the date of accrual of the tax will be taken.

In cases other than the redemption of shares, the transfer value thus calculated may not be less than the greater of the following two:

  1. The price actually agreed upon in the transmission.

  2. The listing value on official secondary markets of securities defined in Directive 2004/39/EC of the European Parliament and of the Council, of April 21, 2004.

Cost price

  1. Acquisition value of the partially released shares. 

    Their acquisition value will be the amount actually paid by the taxpayer.

  2. Acquisition value of the fully paid shares.

    The acquisition value, both of these and of the corresponding ones, will be the result of dividing the total cost among the number of titles, both the old ones and the corresponding released ones.

    The seniority of these shares will be considered to be that which corresponds to the shares from which they come.

  3. Acquisition value in case of transfers of subscription rights carried out before January 1, 2017

    To determine the acquisition value of the securities, the amount obtained from the transfers of subscription rights carried out prior to January 1, 2017 will be deducted, with the exception of the amount of such rights that would have been taxed as capital gain. When all subscription rights have not been transferred, it will be understood that those transferred corresponded to the securities acquired in the first place.

Transfers of shares in listed investment funds

In the case of transfers of shares in listed investment funds or shares of SICAV listed indexes, the transfer value will be determined by the price in said markets on the date on which the transfer occurs. transmission or for the agreed price when it is higher than the quote.

Deferral regime for reinvestment (art. 94 Law)

When the amount obtained is used for the acquisition or subscription of other shares or participations 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 date of acquisition of the shares or participations. transmitted or refunded.

This deferral regime will be applicable in the following cases:

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

  2. In the transfer of shares of collective investment institutions with 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 12 months prior to the date of transfer, in more than 5% of the capital of the collective investment institution.

The regime will also apply to partners or participants in collective investment institutions, regulated by Directive 2009/65/EC of the European Parliament and of the Council, of July 13, 2009, which coordinates the legal and regulatory provisions and administrative regulations on certain collective investment organizations in securities, other than those provided for in Article 95 of this Law, incorporated and domiciled in a Member State of the European Union and registered in the special registry of the National Securities Market Commission, for the purposes of its marketing by entities resident in Spain when the following requirements are met:

  1. The acquisition, subscription, transmission and redemption of shares and participations will be carried out through marketing entities registered with the National Securities Market Commission.

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

The deferral regime will not apply when, by any means, the amount derived from the reimbursement or transfer of the shares or participations is made available to the taxpayer. Nor will it apply when the transfer or redemption or, where applicable, the subscription or acquisition has as its object shares representing the assets of listed investment funds or shares of companies of the same type.