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V2747-18 17 October 2018 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · valor liquidativo

Positive difference between net asset value and acquisition cost in tax havens constitutes income imputation

A shareholder in a collective investment scheme located in a tax haven has requested clarification on how to tax the positive difference between the net asset value at the end of the period and its acquisition cost. The Directorate General for Taxes (DGT) has ruled that this difference constitutes an income imputation that must be included in the general tax base.

The question raised

Taxation of the positive difference between the net asset value of the holding at the close of the tax period and its acquisition value, as provided for in Article 95 of the Personal Income Tax Law.

The DGT's ruling

The positive difference between the net asset value of the holding at the close of the tax period and its acquisition value is classified as an imputation of income. Therefore, it must be included in the general taxable base of the tax in each tax period, in accordance with Article 45 of the Personal Income Tax Law.

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