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V1905-24 21 August 2024 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · socimi

SOCIMI: bank financing and net financial income distributed proportionally in investment and income ratios under Law 11/2009

A SOCIMI financing from the European Investment Bank and issuing green bonds to invest in its real estate portfolio may treat pending funds as neutral for the investment ratio under Article 3.1 of Law 11/2009, distributing them proportionally between suitable and unsuitable assets. Net financial income from such funds follows the same proportional distribution for the income ratio, while income from cost recovery of guarantees in suitable investment disputes is deemed suitable. Green bond discount repurchase income is also distributed proportionally.

The question raised

It is consulted to what extent the aforementioned circumstances affect the investment and income requirements established in Article 3 of Law 11/2009.

The DGT's ruling

Financing cash must be distributed proportionally between qualifying and non-qualifying assets so that its effect is neutral in the investment calculation. Net financial income from the remuneration of real estate transfer treasury does not count if reinvested within the timeframe, seeking neutrality in the income ratio. Income from the reimbursement of litigation guarantee costs constitutes qualifying income if the litigation derives from qualifying investments. Income from the repurchase of bonds at a discount is distributed proportionally between qualifying and non-qualifying income.

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