Special tax deferral regime

Content of the special tax deferral regime and requirements for application: 

When the amount obtained as a result of the redemption or transfer of units or shares in collective investment institutions is used for the acquisition or subscription of other shares or units in said institutions, it will not be necessary to compute the capital gain or loss , with the new shares or participations subscribed retaining the value and date of acquisition of those transferred or redeemed.

This tax deferral regime in the taxation of capital gains is only 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 in 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 percent of the capital of the collective investment institution.

  For these purposes, the taxpayer must document this circumstance to the entities through which the transfer or reimbursement operations and acquisition or subscription of the shares are carried out.

This special tax deferral regime is also applicable to partners or participants in collective investment institutions, regulated by Directive 2009/65/EC, of July 13, of the European Parliament and of the Council ⁽¹⁾, other than those established in havens or territories considered as tax havens, incorporated and domiciled in any Member State of the European Union and registered in the special registry of the National Securities Market Commission, for the purposes of their marketing by entities resident in Spain that meet the following requirements:

• That the acquisition, subscription, transmission and redemption of shares or participations be carried out through marketing entities registered with the National Securities Market Commission.

• That, 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 refer to each compartment or sub-fund marketed.

Note: Directive 2009/65/EC, of July 13, of the European Parliament and of the Council, in its article 117 repeals, with effect from July 1, 2011, Directive 85/611/EEC and establishes that references to the Repealed Directive will be understood to be made to the aforementioned Directive 2009/65/EC in accordance with the correspondence table contained in its Annex IV.

Cases in which the tax deferral regime is not applicable

The tax deferral regime is not applicable in the following cases:

1. When the transfer or redemption or, where applicable, the subscription or acquisition has as its object shares representing the assets of listed investment funds , that is, those whose shares are admitted to trading on stock market in accordance with the provisions of article 79 of the Regulation of Law 35/2003, of November 4, on collective investment institutions, approved by Royal Decree 1082/2012, of July 13 ( BOE of 20), or has as its object shares of the so-called listed variable capital investment company (acronym SICAV listed index), in accordance with the same provision.

Nor is the deferral regime applicable in the case of participants in the Bank Asset Funds, in accordance with the provisions of the seventeenth Additional Provision of Law 9/2012, of November 14, on the restructuring and resolution of credit institutions.

2. When, by any means, the amount derived from the reimbursement or transfer of shares or participations of collective investment institutions is made available to the taxpayer.