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V1499-20 20 May 2020 · SG de Tributos Criterion in force
IRPF · instituciones de inversión colectiva

No mandatory to file Model 720 for foreign investment funds marketed in Spain

A taxpayer asks whether they must submit the foreign assets declaration for shares in French and Luxembourg funds purchased through a Spanish marketing entity. The DGT replies that no such obligation exists as the Spanish marketing entities are already required to provide this information.

The question raised

Obligation to submit the Informative Return on Assets and Rights Abroad.

The DGT's ruling

Personal Income Tax (IRPF) taxpayers who hold shares or units in foreign collective investment institutions marketed in Spain are not required to submit the informative return under Article 42 ter.2 of the RGAT. This is because the obligation to report the holding of such securities rests with the marketing entities established in Spanish territory or with the representatives of the management companies. The information is covered by the reporting obligations corresponding to said intermediaries, pursuant to Article 39.2 of the IRPF Regulation.

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