Deductible expenses: of administration and storage

Regulations: Art. 26.1 a) Law Income Tax

In order to determine the net return on movable capital corresponding to this type of income, only the administration and deposit of shares or interests that represent participation in the equity of entities may be deducted, without any other expense concept being admissible as a deduction.

For these purposes, administration and deposit expenses shall be considered to be those amounts incurred by investment services companies, credit institutions or other financial institutions which, in accordance with Royal Legislative Decree 4/2015, of 23 October, approving the revised text of the Securities Market Law ( BOE of the 24th), are intended to remunerate the service derived from the performance, on behalf of their holders, of the service of deposit of securities represented in the form of certificates or the administration of securities represented in account entries.

Precision: Although article 26.1.a) of the RPF Law refers to Law 24/1988, of July 28, on the Securities Market, it must be taken into account that the sole Additional Provision of Royal Legislative Decree 4/2015, of October 23, establishes that the normative references made in other provisions to Law 24/1988, of July 28, on the Securities Market, will be understood as being made to the corresponding precepts of the consolidated text approved by the aforementioned Royal Legislative Decree 4/2015 .

The following will not be deductible:

Amounts representing the consideration for discretionary and individualised management of investment portfolios, where there is a disposition of the investments made on behalf of the holders in accordance with the mandates conferred by them.