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A resident in Ceuta inquires whether their shares and investment funds deposited in a securities account at a branch in Ceuta are counted as assets located in said city for the purpose of the deduction under art. 68.4 LIRPF. The DGT responds that holding them in said account implies that the assets are located in Ceuta, with nuances regarding the registration of investment funds.
Question posed: Whether the shares and investment funds held in said account at the bank branch in Ceuta are considered assets located in Ceuta for the purposes of the requirement for applying the deduction for income obtained in Ceuta or Melilla (Article 68.4 of the Personal Income Tax Law).
The holding of shares and investment funds in a securities account opened at a bank branch in Ceuta implies that said assets are located in Ceuta to satisfy the net worth requirement. However, if holdings in Spanish investment funds are registered directly in the name of the investor with the management company, they are not considered deposited in the branch's securities account, unless the management company is headquartered in Ceuta. Foreign investment companies and collective investment schemes are considered to be deposited in the securities account.
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