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V0070-22 18 January 2022 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · régimen de diferimiento

Reinvestment deferment applicable under sub-distribution schemes if Spanish distributor retains control and records

A Spanish subsidiary of an investment firm markets foreign IICs via European sub-distributors. The DGT examines whether, despite third-party intermediation, the requirement to conduct operations through a CNMV-registered commercialising entity is met for access to fiscal deferment.

The question raised

1. Whether in the case presented, the requirement established in section 2.a).1. of Article 94 of Law 35/2006 may be considered fulfilled, for the purposes of applying the tax deferral regime for reinvestment between holdings or shares of collective investment institutions, regulated in said article, by natural person investors resident in Spain.

The DGT's ruling

The taxpayer acts as a distributor in Spain if, through the sub-distribution agreement, the foreign entity communicates the investor's data and the taxpayer opens a dedicated operating account that reflects individual balances and movements. This scheme allows for compliance with the requirement to carry out operations through a distributing entity registered with the CNMV. Furthermore, the taxpayer is obliged to report on these positions, which exempts the taxpayer from the informative declaration on assets abroad (Form 720).

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