Deductible expenses: administration and deposit

Regulations: Art. 26.1 Law Income Tax

The following are considered deductible expenses for determining the net return on movable capital, exclusively those of administration and storage of negotiable securities, without the deduction of any other expense concept being admissible.

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.