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V2286-19 4 September 2019 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · régimen de diferimiento

Deferral for reinvestment in foreign UCITS requires acquisition via a Spanish distributor or compliance with transfer requirements

A taxpayer inquired whether the deferral regime for foreign UCITS could apply to holdings acquired directly abroad and subsequently marketed in Spain. The DGT ruled that, as a general rule, this is not possible if the original acquisition was not made through a distributing entity in Spain.

The question raised

Question posed: Possibility of applying the deferral regime for reinvestment between collective investment institutions regulated in Article 94 of the Personal Income Tax Law to units acquired through the foreign entity and which are transferred through the Spanish commercializing branch.

The DGT's ruling

The deferral regime only applies to UCITS acquired through a commercializing entity registered with the CNMV. An exception exists if the units were acquired before the UCITS was marketed in Spain, provided they are transferred to a commercializer in Spain, ownership and prior acquisition are proven, and the commercializer appears as the owner of the units in the management company's records. In the case consulted, the requirement of transfer to a CNMV-registered commercializer is not met.

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