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A consultant asks whether investment in a European Capital Risk Fund (FCRE) targeting real estate allows IP exemption. The DGT clarifies how fund assets must be accounted for to determine if it constitutes an economic activity or a wealth management operation.
Cuestión planteada En relación con la inversión por la sociedad L en el FCRE S.A., a efectos de aplicar la exención prevista en el artículo 4.Ocho. Dos de la Ley 19/1991, del Impuesto sobre el Patrimonio, por parte del consultante, se plantean las siguientes cuestiones:
Los valores incluidos en el coeficiente obligatorio de inversión del FCRE S.A. no se computan como valores para determinar si la entidad gestiona un patrimonio mobiliario o inmobiliario, por ser poseídos para cumplir obligaciones legales. No obstante, mientras no sea obligatorio el cumplimiento de dicho coeficiente según sus reglamentos, estas inversiones sí deberán computarse como valores. Las participaciones que excedan dicho coeficiente solo podrán no computarse como valores si otorgan al menos el 5% de derechos de voto, se poseen para dirigir la participación con medios suficientes y las entidades participadas realizan una actividad económica.
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