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A credit institution has enquired whether the purchase of shares to hedge a total return swap (TRS) derivative is exempt from the Financial Transactions Tax (ITF). The Directorate-General for Taxes (DGT) has ruled that the transaction is exempt if carried out within the framework of market-making activities.
Cuestión planteada Si a la adquisición por la consultante de las acciones cotizadas subyacentes como cobertura del "total return swap" le es de aplicación la exención de las actividades de creación de mercado prevista en la letra g) del artículo 3.1 de la Ley del Impuesto sobre las Transacciones Financieras.
La adquisición de acciones por cuenta propia para cubrir el riesgo de un derivado contratado por cuenta propia en respuesta a un cliente está exenta del impuesto. Para ello, la entidad debe ser miembro de un centro de negociación y actuar en el marco de una actividad habitual de creación de mercado. Esta exención se aplica según el artículo 3.1.g) de la Ley 5/2020.
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