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V0475-24 19 March 2024 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · patrimonio protegido

Investing protected assets in public debt does not require tax regularisation if it replaces the original asset

A taxpayer inquired whether using funds from a daughter's protected assets to purchase Treasury bills necessitates the regularisation of tax benefits and if a public deed is required. The DGT ruled that no regularisation is necessary if the investment replaces the original asset and is managed in accordance with Law 41/2003. Furthermore, the purchase does not require a public deed, although the initial contribution of the securities does.

The question raised

Whether the acquisition of treasury bills with the money contributed to the protected assets could determine the regularization of the tax benefits applied to the Personal Income Tax (IRPF) for said contributions, and whether the purchase of public debt securities must be formalized by public deed.

The DGT's ruling

Investment in public debt securities using protected assets does not trigger a regularization of tax benefits if carried out under the administration regime of Law 41/2003 and the new asset replaces the one contributed. The acquisition of the securities does not require formalization by public deed, but the subsequent contribution of said securities to the protected assets must be recorded in a public document or judicial resolution. The beneficiary's obligation to declare will depend on whether their income exceeds the exemption limits established in the Personal Income Tax Law (LIRPF).

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