Integration and compensation of income in the tax base of savings
Regulations: Art. 49, Additional Provision thirty-ninth.1; and seventh transitional provision.5 Personal Income Tax Law
The integration and compensation of income in the savings tax base is carried out, in a similar way to that mentioned in the previous section, in two phases: The first aims to determine the tax base of the savings obtained in the tax period itself and, the second, to compensate with the positive balance, if applicable, obtained, the negative items from previous years that are pending compensation.
Phase 1. Integration and compensation of income obtained in the tax period
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The income from movable capital that forms part of the savings tax base (those derived from participation in the own funds of entities, from the transfer of own capital to third parties, from capitalization operations, from life or disability insurance contracts and income resulting from the imposition of capital) are integrated and compensated exclusively among themselves in each tax period , resulting in a positive or negative balance .
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The positive balance resulting from said compensation is integrated into the savings tax base, without prejudice to the compensation discussed below.
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The negative balance is offset by the positive balance of the capital gains and losses derived from the transfer of assets that make up the savings tax base, obtained in the same tax period, with the limit of 25 percent of said positive balance .
If after said compensation a negative balance remains, its amount will be compensated in the following four years in the same order established in the previous paragraphs.
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The capital gains and losses derived from the transfer of assets , regardless of their period of permanence, are integrated and offset exclusively among themselves in each tax period, resulting in a positive balance or negative.
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The positive balance resulting from said compensation is integrated into the savings tax base, without prejudice to the compensation regime discussed below.
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The negative balance will be offset by the positive balance of the capital gains that make up the savings tax base, obtained in the same tax period, with a limit of 25 per 100 of said positive balance .
If after said compensation a negative balance remains, its amount will be compensated in the following four years in the same order established in the previous paragraphs.
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The above compensations must be made in the maximum amount allowed by each of the following years and without being able to be carried out outside the aforementioned period by accumulating negative income from subsequent years.
Phase 2. Compensation of negative items pending from previous years
Negative items from previous years pending compensation
Negative items from previous years pending compensation as of January 1, 2021 can be:
- Negative balances of capital gains from 2017, 2018, 2019 and 2020, pending compensation as of January 1, 2021, to be integrated into the savings tax base.
- Negative balances of capital gains and losses from 2017, 2018, 2019 and 2020, pending compensation as of January 1, 2021, to be integrated into the savings tax base
Rules for offsetting negative items from previous years
Previous negative balances are offset following the order and in the manner set out below:
1. Compensation of the negative items pending from previous years with their respective positive balance of returns or profits and losses for the year
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The positive balance of capital gains for fiscal year 2021, once said balance has been reduced by the compensation of capital losses corresponding to fiscal year 2021, will be offset by the taxpayer with the balance of negative capital gains pending compensation for fiscal years 2017. , 2018, 2019 and 2020.
In relation to the latter, you must take into account that it includes all negative returns on movable capital pending compensation for the years 2017, 2018, 2019 and 2020, including those derived from subordinated debt or preferred shares, since such income is not The special compensation rule of the thirty-ninth Additional Provision of the Personal Income Tax Law applies, but the general compensation rule of article 49 of the Personal Income Tax Law applies. ##2##.
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The positive balance of profits and losses for fiscal year 2021, once said balance has been reduced by the compensation of the negative balance, if any, of capital gains obtained in fiscal year 2021, will be offset by the taxpayer with the balance of the pending losses. compensation for the years 2017, 2018, 2019 and 2020.
In relation to the latter, you must take into account that it includes all capital losses pending compensation for the years 2017, 2018, 2019 and 2020, including those derived from subordinated debt or preferred shares, since the special compensation rule of the thirty-ninth Additional Provision of the Personal Income Tax Law , but the general compensation rule of article 49 of the Personal Income Tax Law .
In no case will compensation be made outside the four-year period, by accumulating negative net balances or capital losses from subsequent years.
Note: Annex “C” in the declaration model includes, in relation to the integration and compensation of income, the information related to losses and negative returns on capital assets pending compensation in subsequent years.
2. Compensation of the rest of the negative balances of capital gains and outstanding profits and losses from previous years not offset
If there are negative balances of capital gains for the years 2017, 2018, 2019 and 2020 that have not been offset as indicated above, they will be offset with the remaining positive balance, if any, of capital gains for the year 2021 up to the limit. of 25 percent of the aforementioned positive balance.
This compensation, together with that of the negative balances of movable capital returns for 2021, may not jointly exceed the limit of 25 percent of the positive balance of profits and losses for 2021.
The same will happen if there are negative balances of capital gains and losses for the years 2017, 2018, 2019 and 2020 that have not been offset, in which case, they will be offset with the remaining positive balance, if any, of income from the movable capital of the fiscal year 2021, up to the limit of 25 percent of the aforementioned positive balance.
This compensation, together with that of the negative balances of profits and losses of 2021 that are offset by the positive balance of movable capital returns of 2021, may not jointly exceed the limit of 25 percent of the positive balance of movable capital returns of 2021 before of compensations.
The operations of integration and compensation of income in the savings tax base that have been discussed are shown, graphically, in the following table: