Bonuses for transferring investment funds will be taxed as income from movable capital

The tax treatment of the economic incentives that credit institutions offer to their clients to encourage investment in investment funds has been defined by the tax administration. In a recent binding ruling, the nature of these amounts and their integration into the IRPF tax base has been clarified.

What the DGT has resolved

The Dirección General de Tributos (DGT) has determined that bonuses paid by a financial institution with the aim of increasing client loyalty through investment operations should not be considered remuneration from the investment funds. Instead, these amounts are considered income from movable capital.

The criteria is based on the fact that these bonuses represent the transfer of the entity's own capital to third parties, falling under the provisions of Article 25.2 of the IRPF Law. Being classified in this way, these earnings must be integrated into the savings tax base.

What it means for you

If you are an individual investor receiving a financial bonus after performing a fund transfer or making new contributions, you should take the following implications into account:

• Nature of the income: You will not receive income derived from the management of the fund, but rather income from the transfer of capital.
• Withholding obligation: These amounts are subject to a 19% withholding, in accordance with the provisions of the IRPF Regulations.
• Tax integration: The full amount of the bonus will be added to your other savings income for the calculation of the tax.

What is advisable to do

Upon receiving this type of incentive, it is necessary to verify that the withholding applied by the financial institution is correct according to current regulations. Since the classification of this income directly affects the savings tax base, each taxpayer must assess their particular tax situation and the impact of these earnings on their annual income tax return.