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V3112-21 14 December 2021 · SG de Tributación de las Operaciones Financieras Criterion in force
IS · sociedades de inversión de capital variable

Investment funds with variable capital to wind down by 30 June 2023

A fund association inquires about the temporary regime's deadlines and conditions for dissolving variable capital investment funds. The DGT clarifies the time limits for liquidation, shareholder reinvestment, and the application of other deferral regimes.

The question raised

Several issues are raised regarding the application of the transitional regime provided for in the forty-first transitional provision of Law 27/2014, of November 27, on Corporate Income Tax; issues which are described in the response.

The DGT's ruling

The dissolution agreement must be adopted in 2022, with the liquidation and registration cancellation completed before June 30, 2023. Shareholders must reinvest their liquidation proceeds before July 31, 2023, to defer their income. There is no obligation to hold the new shares for a specific period, allowing for the application of the deferral provided in Article 94 of the Personal Income Tax Law in subsequent transfers.

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