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Form 100. Personal Income Tax Return Declaration 2017

8.2.5.1. Collective investment institutions

Taxpayers who are partners or participants in the collective investment institutions regulated by the Collective Investment Institutions Law will allocate the following income in accordance with the provisions of the Tax Law:

  1. The capital gain or loss obtained as a result of the transfer of the shares or participations or the reimbursement of the latter. When there are homogeneous values, those transferred or reimbursed by the taxpayer will be considered to be those acquired in the first place.

  2. The results distributed by collective investment institutions.

DEFERRAL REGIME FOR REINVESTMENT (art. 94 Law):

When the amount obtained is used for the acquisition or subscription of other shares or participations in collective investment institutions. The capital gain or loss will not be computed, and the new shares or participations subscribed will retain the value and acquisition date of the shares or participations transferred or redeemed.

This deferral regime will be applicable in the following cases:

  1. In the redemptions of shares in collective investment institutions that are considered investment funds.

  2. In the transfer of shares of collective investment institutions with corporate form, provided that the following two conditions are met:

    • That the number of partners of the collective investment institution whose shares are transferred is greater than 500.

    • That the taxpayer has not participated, at any time within the twelve months prior to the date of the transfer, in more than 5 percent of the capital of the collective investment institution.

The deferral regime will not apply when, by any means, the amount derived from the reimbursement or transfer of the shares or participations is made available to the taxpayer.

Requirements:

  1. The acquisition, subscription, transmission and redemption of shares and participations will be carried out through marketing entities registered with the National Securities Market Commission.

  2. In the event that the collective investment institution is structured into compartments or sub-funds, the number of partners and the maximum percentage of participation provided for in letter B) above will be understood to refer to each compartment or sub-fund marketed.

HOLDINGS IN LISTED INVESTMENT FUNDS AND COMPANIES OF THE SAME TYPE

The deferral regime provided for in the previous section will not apply when the transfer or redemption or, where applicable, the subscription or acquisition has as its object shares representing the assets of listed investment funds or as of June 9, 2010 shares of companies of the same type (listed SICAV index) referred to in article 49 of the Regulation of Law 35/2003, of November 4, on Collective Investment Institutions, approved by Royal Decree 1309/2005, of November 4.

NOTE: The regime provided for in this entire section (art. 94 Law) will also apply to the partners or participants of collective investment institutions, regulated by Council Directive 85/611/EEC, of December 20, 1985, other than those provided for in article 95 of the Law, incorporated and domiciled in a Member State of the European Union and registered in the special Registry of the National Securities Market Commission, for the purposes of their marketing by entities resident in Spain.