Deductible expenses: administration and deposit
Regulations: Art. 26.1 Law Personal Income Tax
They are considered deductible expenses for determining the net return on movable capital, exclusively those of administration and deposit of negotiable securities, without the deduction of any other expense concept being admissible.
For these purposes, administration and deposit expenses will be considered those amounts that are passed on to investment services companies, credit institutions or other financial entities that, in accordance with Royal Legislative Decree 4 /2015, of October 23, which approves the consolidated text of the Securities Market Law ( BOE of October 24), whose purpose is to remunerate the benefit derived from the carrying out, on behalf of its holders, the deposit service of securities represented in the form of securities or the administration of securities represented in book entries.
Precision: Although article 26.1.a) of the Personal Income Tax 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 the Royal Legislative Decree 4/2015, of October 23, establishes that the normative references made in other provisions to Law 24/1988, of July 28, of the Securities Market, will be understood to be made to the corresponding precepts of the consolidated text that approves the aforementioned Royal Legislative Decree 4/2015 .
The following will not be deductible:
The amounts that represent the consideration for discretionary and individualized 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.