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A holding company has requested clarification on whether its investment in a Venture Capital Company (SCR) qualifies for the Wealth Tax exemption. The DGT is examining whether the SCR carries out an economic activity or merely manages movable assets.
Question raised In relation to the investment by the holding company in the SCR for the purposes of applying the exemption provided for in Article 4.Eight. Two of Law 19/1991, the following questions are raised:
For the classification of the activity, the values included in its mandatory investment coefficient are not counted in the SCR. The remaining holdings in other ECR may only be excluded as values if they grant at least 5% of voting rights, are held to direct and manage the holding with material and personal means, and the investee is not a wealth management entity. Regarding the business use, the assets of the mandatory investment coefficient could be considered necessary for the activity, but for the remaining assets, their necessity must be assessed according to the Personal Income Tax regulations.
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