Attributable income

The income imputation regime regulated by article 95 is applicable to Personal Income Tax taxpayers who participate in collective investment institutions established in countries or territories regulated by regulations as a non-cooperative jurisdiction, and must be distinguished:

When there is no transfer or reimbursement of shares or participations in collective investment institutions 

Under this regime, partners or participants in collective investment institutions established in countries or territories regulated by regulations as a non-cooperative jurisdiction must allocate each year, even if the transfer or reimbursement has not occurred, in the general part of the tax base the positive difference between the net asset value of the participation on the day of the closing of the tax period and its acquisition value at the beginning of said period . For these purposes, it will be presumed, unless proven otherwise, that this difference is 15 percent of the acquisition value of the share or participation.

This income is classified as income imputation (not as capital gain) and must be integrated into the general personal income tax tax base in each tax period.

The imputed amount will be considered the highest acquisition value of the share or participation.

For its part, the benefits distributed by the collective investment institution will not be imputed and will reduce the acquisition value of the participation.

When there is transfer or reimbursement of shares or participations in collective investment institutions 

In these cases, once the acquisition value has been calculated in accordance with what is indicated in the previous section, the income derived from the transfer or reimbursement of the shares or participations will be determined in accordance with the provisions of article 37.1.c) of the Law of IRPF which is discussed in the section " Transmissions or redemptions of shares or participations in collective investment institutions regulated in Law 35/2003 " within the specific valuation rules to determine the amount of capital gains or losses in Chapter 11 of this manual.

Remember : The special tax deferral regime provided for in article 94 of the Law of does not apply to the transfer or redemption of shares or participations in collective investment institutions established in countries or territories regulated by law as having non-cooperative jurisdiction. IRPF ##1##.