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V1913-24 29 August 2024 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Returns on joint accounts are attributed to the actual owners of the funds

A married couple wishes to transfer their savings to an account that also includes their son to achieve higher returns. The DGT states that interest is attributed to the actual owners of the funds and not necessarily to everyone listed on the account.

The question raised

Question posed: Tax consequences of the operation.

The DGT's ruling

Interest from a deposit is classified as income from movable capital. The ownership of such income is attributed to those who are the actual owners of the deposited capital, in accordance with legal ownership rules. If an account has multiple holders, but the money belongs only to the married couple, they must prove that the actual ownership is exclusively theirs so that the income corresponds solely to them.

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