Market Specifications – Investment Funds – Spain
Transfers
The Traspasos Regime is ruled on Article 94 of the Spanish PIT Law and on Article 52 of the Spanish PIT Regulation. Specifically, the Traspasos Regime is a special tax regime that exclusively applies to individuals which are PIT taxpayers (i.e., individuals). By contrast, the Traspasos Regime is not available to Corporate Income Tax (“CIT”) or Non-Resident Income Tax (“NRIT”) taxpayers. In other words, the Traspasos Regime is only available to Spanish resident individuals and is not available to non-Spanish resident individuals or to Spanish or non-Spanish corporations.
The application of this referral regime implies that the units of the Final CIV acquired will inherit the acquisition value and acquisition date of the units of the Origin CIV that were transferred or reimbursed. If, subsequently, a non-protected transaction is executed (i.e., a transaction not covered by the Traspasos Regime or to any other deferral regime), the capital gain would be calculated as the difference between the transfer / reimbursement value of the units of the Final CIV, and the acquisition value of the Origin CIV.
Please note that the Traspasos functions are not in scope of CBL´s activity currently.
Disclaimer
The information contained in the Market Specifications is based on the market practice that CBL was made aware of from different sources. This is not intended to be a comprehensive guide of all local market practices, and CBL disclaims any responsibility as to the accuracy and completeness of the information. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Market Specifications do not constitute legal advice and customers should seek advice from independent professional counsel.