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V2944-21 19 November 2021 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ITPAJD · fondos de titulización de activos

Dissolution of asset securitisation funds is exempt from transfer tax

A query was raised regarding whether the liquidation of Asset Securitisation Funds (ASFs) is subject to Transfer Tax (ITPAJD). The Directorate General for Taxes (DGT) has determined that, although these funds are treated as companies and their dissolution is a corporate transaction, such an operation is exempt from this tax.

The question raised

A request for criteria regarding the tax treatment applicable to said operation in the Transfer Tax and Documented Legal Acts Tax.

The DGT's ruling

Asset Securitization Funds are equated to companies for the purposes of the Transfer Tax and Documented Legal Acts Tax. The dissolution of these funds constitutes a corporate operation subject to the tax, with the bondholder being the taxable person for the assets received. Notwithstanding, financial asset securitization funds are exempt from all operations subject to the corporate operations modality.

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