SICAV Partner: Income derived from SICAV liquidations

With effect for tax periods beginning on or after January 1, 2022, the forty-first transitional provision of the LIS establishes that the SICAV that in the tax period beginning before January 1, 2022 were paying taxes at the reduced tax rate of 1 percent established in article 29.4 a) of the LIS in its current wording December 31, 2021, and during the year 2022 agree to its dissolution and liquidation , they may apply the tax regime provided for in the aforementioned transitional provision provided that meet the following requirements :

1. During the year 2022, validly adopt the dissolution agreement with liquidation . Therefore, the deadline to adopt this agreement ends on December 31, 2022.

2. After the agreement, carry out all the necessary legal acts or transactions according to commercial regulations up to six months after the deadline they have to adopt said agreement (December 31, 2022). the registration cancellation of the company in liquidation. Therefore, the period to carry out all the legal acts and businesses necessary to liquidate the company until its registration cancellation ends on June 30, 2023, although nothing prevents said operations from being concluded within the year 2022.

SICAVs that agree to dissolution with liquidation in accordance with the above, will temporarily apply the following tax regime :

1. During the tax periods beginning on January 1, 2022 that conclude until the registration cancellation, the SICAV in liquidation will continue to pay taxes at the reduced tax rate of 1 percent, provided that the number of shareholders is equal to or greater than 100, regardless of the acquisition price of their shares in the SICAV.

2. The partners of the SICAV in liquidation will not include in the tax base the income derived from the liquidation of the company, provided that reinvest all of the money or assets (partial reinvestment is not possible) that corresponds to them as a liquidation fee in one or more collective investment institutions provided for in letters a) or b) of article 29.4 of the LIS. The new shares or participations acquired or subscribed will retain the value and date of acquisition of the shares of the company under liquidation. The reinvestment must be carried out before seven months have elapsed from the end of the period established to validly adopt the dissolution agreement with liquidation of the SICAV (December 31, 2022), so the period to carry out the reinvestment ends on December 31. July 2023, although nothing prevents said reinvestment from being carried out within the year 2022. When the partner takes advantage of the reinvestment regime provided for here, there will be no obligation to make payments on account of the corresponding personal tax of the partner on the income derived from the liquidations of the SICAV.

   The partner must notify the company in liquidation of his decision to accept the reinvestment, and must provide documentation proving the date and value of acquisition of the shares, in the event that the company do not have this information. In addition, the member will communicate to the collective investment institution in which the reinvestment will be carried out his own identification data, those corresponding to the company in liquidation and its managing entity and depository entity, as well as such as the amount of money or assets that make up the liquidation fee to be reinvested in the destination institution. For these purposes, the partner will complete the corresponding subscription or acquisition order , authorizing said institution to process said order with the company in liquidation. Once the order is received by the company in liquidation, the reinvestment must be carried out by means of the transfer ordered by the latter to its depositary, on behalf and by order of the partner, of the money or assets that are the subject of the reinvestment, from the accounts of the company in liquidation to the accounts of the collective investment institution in which the reinvestment is made. Said transfer will be accompanied by information regarding the values and dates of acquisition of the shares of the company in liquidation to which the reinvestment corresponds.

This special regime will not be applicable to cases of dissolution with liquidation of free investment companies, nor of listed variable capital index investment companies.

Filling in form 200

In application of the special tax regime provided for in the forty-first transitional provision of the LIS, the partners of the SICAV will not include in their tax base the income derived from the liquidation of the entity, provided that reinvest the total amount of money or assets that corresponds to them as a liquidation fee in the manner and with the conditions provided for in said provision, so in these cases they must make a negative adjustment for said amount in box [01014 ] «SICAV Member: Income derived from SICAV liquidations (DT 41. 2 LIS)» on page 13 of model 200.