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V3018-23 21 November 2023 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · patrimonio protegido

Purchasing public debt with protected assets does not require regularising benefits if it replaces the original asset

The inquirer asks whether using funds contributed to a protected asset regime to purchase public debt necessitates the repayment of tax benefits, and whether such a purchase requires a public deed. The DGT rules that no regularisation is required if the investment replaces the original asset under the administration regime of Law 41/2003, although the contribution of the securities to the protected assets must be formalised before a notary.

The question raised

Whether the purchase of Spanish public debt securities with the money contributed to the protected assets could determine the regularization of the tax benefits applied by the taxpayer and his daughter in the Personal Income Tax (IRPF) for said contributions, and whether the purchase of the public debt securities must be formalized in a public deed.

The DGT's ruling

The allocation of funds to carry out financial investments, such as the purchase of public debt, does not entail the regularization of benefits if it is carried out in accordance with the administration regime of Law 41/2003 and the new asset replaces the one contributed. The four-year maintenance period shall be calculated with respect to the asset that replaces the initial one. The acquisition of securities does not require a public deed, but the contribution of said securities to the protected assets must be formalized in a public document authorized by a notary or a judicial resolution.

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