Skip to content
Back to index
V1186-14 29 April 2014 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · diferimiento por reinversión

Differment by reinvestment not applicable if IIC foreign operations not managed through Spanish distributor

A taxpayer asks whether the deferral regime for reinvestment in foreign IICs can be applied when shares are held in a foreign account and orders are managed via a trilateral contract. The DGT responds that it is not possible because the Spanish distributor does not act as the principal, necessary and exclusive intermediary in the holding chain.

The question raised

Whether the deferral regime for reinvestment provided for in Article 94.2 of Law 35/2006, of November 28, on Personal Income Tax (hereinafter, LIRPF) is applicable in the case presented.

The DGT's ruling

To apply the deferral provided for in Article 94.2.a) 1st of the LIRPF, operations must be carried out "through" marketing entities registered with the CNMV. This requires the marketing entity to be the primary, necessary, and exclusive intermediary, receiving all subscription, redemption, or transfer orders. In the case presented, as the securities are held in a foreign account where the Spanish marketing entity is not the holder on behalf of the investor, this requirement of direct intermediation is not met.

Book your free first meeting