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V1293-22 7 June 2022 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · fondos de inversión

Automatic class substitution in investment shares based on investor age generates no income for IRPF, IS or IRNR

A fund manager asks whether automatic class switching to reduce management fees based on investor age creates income for shareholders. The DGT replies that no patrimonial change or alternative investment options exist, so no income is generated.

The question raised

Whether the automatic substitution of share classes in the investment funds under consultation, in application of the described loyalty plan, determines for the unit holders the obtaining of taxable income in Personal Income Tax, Corporate Tax, and Non-Resident Income Tax.

The DGT's ruling

The substitution of shares of one class for another with a lower management fee, motivated by the passing of a predetermined holding period, does not constitute a change in assets. As it is a generalized operating rule and does not represent an investment alternative, it does not generate income for Personal Income Tax, Corporate Tax, or Non-Resident Income Tax. The original values and acquisition dates are maintained.

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