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V3726-16 6 September 2016 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Exchange of subordinated financial contributions generates investment income within savings income

A query was made regarding the tax treatment of the exchange of subordinated financial contributions (SFC) in a cooperative. The DGT determines that the transaction generates investment income, which is included in the savings tax base.

The question raised

1. Tax treatment of the transaction.

The DGT's ruling

The exchange of AFS generates a return on movable capital determined by the difference between what is received (cash plus the nominal value of the bonds) and its acquisition value. This return constitutes savings income and its offsetting against other balances is governed by the rules of the Personal Income Tax Law and the percentages of the twelfth additional provision. The bonds received shall be considered acquired on the date of their subscription for future transfers.

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