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Tax treatment

Residents

Positive or negative returns obtained as a result of the redemption or transfer of holdings in investment funds are considered capital gains/losses which are included and compensated in the saving tax base of Personal Income Tax and are taxed at a rate of 19% for the first 6,000 euros, at a rate of 21% as from this amount up to 50,000 euros and 23% as from 50,000 euros.

At the time of redemption a withholding on account of Personal Income Tax of 19% is applied to the capital gain.

The gains or loss is the difference between the redemption value and fund subscription value, considering that the holdings sold are the first acquired (FIFO method).

When the amount obtained from the transfer of a fund is used to subscribe to another fund, this transfer is not subject to Personal Income taxation which is deferred until definitive redemption.

The transitory regime of the reduction coefficients of gains generated by the transfer of holdings acquired prior to 31.12.1994 is limited, applying only until the transfer value reaches 400,000 euros.

Non-residents:

In accordance with the participant’s country of residence, the tax treatment is as follows:

  • When the transferor is resident in a member state of the European Union or outside the European Union with which Spain has signed a double taxation agreement with a clause for information exchange and resident is proven by a residence certificate issued by the tax authorities of the recipient’s country of residence who validity is one year, the capital gain will be exemption from taxation in Spain.
  • -When the transferor does not prove residence or when resident in a member state of the European Union or outside the European Union with which Spain does not have a double taxation agreement, a withholding of 19% will be applied to the gain obtained.

Companies

Any return obtained is included in the entity’s tax base and pays tax at the general rate of Corporate Income Tax in effect and will be subject to a withholding of 19%.



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