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Form 100. Personal Income Tax Return 2022

7.5.3.3. Imputation of income from participation in IC institutions

  1. Income subject to imputation

    Taxpayers who are partners or participants in collective investment institutions regulated by the Collective Investment Institutions Law will charge:

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

    • The results distributed by the IIC will be considered as income from movable capital.

    • In the event of a reduction in the capital of a SICAV for the purpose of repaying contributions, the amount of the reduction or the normal market value of the assets or rights received will be allocated as income from movable capital, up to the limit of the highest of the following amounts:

      • The increase in the net asset value of the shares from their acquisition or subscription until the time of the reduction of share capital.

      • When the capital reduction proceeds from undistributed profits, the amount of such profits. Any excess over the aforementioned limit will reduce the acquisition value of the affected shares until they are cancelled. In turn, any excess that may result will be integrated as income from movable capital from participation in the equity of any type of entity, in the manner provided for the distribution of the issue premium.

    • In the event of distribution of the issue premium for SICAV shares, the entire amount obtained shall be paid, without the reduction in the acquisition value of the shares provided for in article 25.1.e) of this Law being applicable.

  2. Deferral regime

    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.

    3. That the reimbursement or transfer or, where appropriate, the subscription or acquisition, does not have as its object shares or stocks in collective investment institutions similar to listed investment funds or index-listed SICAVs, regardless of the regulated market or multilateral trading system on which they are listed and the composition of the index that they reproduce, replicate or take as a reference.

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

  3. IICCs established in countries or territories that are considered non-cooperative jurisdictions 

    Personal income tax payers who participate in collective investment institutions established in countries or territories that are considered non-cooperative jurisdictions will impute to the tax base the positive difference between the net asset value of the participation on the closing date of the tax period and its acquisition value. The amount charged will be considered greater value acquisition.

    For these purposes, it will be presumed, unless proven otherwise, that this difference is 15% of the acquisition value of the share or participation.

    The profits distributed by the collective investment institution will not be imputed and will reduce the acquisition value of the share.

    The income derived from the transfer or reimbursement of shares or interests will be determined by the difference between their acquisition value and the transfer value, determined by the applicable net asset value on the date on which said transfer or reimbursement occurs or, failing that, by the last published net asset value. For these purposes, the acquisition value will be taken as that resulting from the application of the provisions above.

Completion

You must include in the enabled boxes both the name of the collective institution and the amount to be charged.