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Form 100. Personal Income Tax Return 2021

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 capital gain or loss obtained as a result of the transfer of shares or interests or the reimbursement of the latter. 

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

Transmission value

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

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

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

  1. The price actually agreed upon in the transfer.

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

Cost price

  1. Acquisition value of partially paid-up shares. 

    The acquisition value of the same will be the amount actually paid by the taxpayer.

  2. Acquisition value of fully paid shares.

    The acquisition value, both of these and of those that come after, will be the result of dividing the total cost between the number of titles, both the old ones and the released ones that correspond.

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

  3. Acquisition value in the case of transfers of subscription rights made before January 1, 2017

    To determine the acquisition value of the securities, the amount obtained from the transfers of subscription rights made prior to January 1, 2017 will be deducted, with the exception of the amount of such rights that would have been taxed as capital gains. Where not all subscription rights have been transferred, it shall be deemed that those transferred correspond to the securities acquired first.

Transfers of shares in listed investment funds

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

Reinvestment deferral regime (art. 94 Law)

When the amount obtained is used to acquire or subscribe to other shares or participations in collective investment institutions, the capital gain or loss will not be calculated, 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 12 months prior to the date of the 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 13 July 2009 on the coordination of the legal, regulatory and administrative provisions relating to undertakings for collective investment in transferable securities, other than those provided for in Article 95 of this Law, established and domiciled in a Member State of the European Union and registered in the special register of the National Securities Market Commission, for the purposes of their marketing by entities resident in Spain, provided that the following requirements are met:

  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 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. It will also 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.