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V1863-24 6 August 2024 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · fondos de titulización

Variable fees of securitisation funds are included in net financial expenses based on their nature

A securitisation fund manager has enquired whether the variable fee, which neutralises the fund's accounting result, should be treated as financial income or financial expense for the purpose of applying the deductibility limit under Article 16 of the Corporate Income Tax Act. The DGT has ruled that such a fee must be included in the calculation of net financial expenses to the extent that its origin lies in the difference between income and expenses of a financial nature.

The question raised

Confirmation of whether the Variable Commission must be considered within the scope of FT as income or expense (depending on whether the result is positive or negative) of a financial nature for the purposes of the provisions of Article 16.1 of the LIS regarding the deductibility of financial expenses in the IS.

The DGT's ruling

The variable commission must be included in the determination of the net financial expense for the fiscal year under the terms of Article 16 of the LIS, provided that it relates to corporate indebtedness. To this end, the portion of the commission corresponding to the difference between income and expenses of a financial nature must be considered. The portion of the variable commission resulting from the difference between non-financial income and expenses shall not be affected by the deductibility limitation.

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