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, will be considered administration and deposit expenses those amounts passed on to investment services companies, credit or other financial entities that, in accordance with Law 6/2023, of March 17, on Securities Markets and Investment Services ( BOE of March 18), have the purpose of remunerating the benefit derived from the realization, on behalf of their holders, of 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, said reference must be understood to have been made to Law 6/2023, of March 17, on Securities Markets and Investment Services ( BOE of March 18).

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.