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The transfer of investment fund shares receives the tax treatment of capital gain or loss, for the amount of the difference between the sale or transfer value and the acquisition or purchase value:
Capital Variation = (Sale value) - (Acquisition value)
Taxation of variations in capital occurs at the time of transfer or sale. From a fiscal point of view, this variation is qualified as a capital gain, if the difference is positive, and a capital loss, if it is negative.
Personal Income Tax
Current legislation establishes that shares and holdings in the capital stock or equity of collective investment institutions will be calculated by the net asset value at the date of accrual of the tax. At present, the minimum amount exempt from payment of wealth tax is set at €700,000.
Inheritance and gift tax
Since 1 January 1992, capital gains or losses generated by the death of the holder of the shares, regardless of the beneficiary of the succession, are considered exempt from taxation for personal income tax purposes, i.e. the heirs will not be taxed for the deceased taxpayer. However, when the heirs distribute the shares of the fund, they will be subject to inheritance and gift tax.
When the heirs transfer the shares awarded by inheritance, they must quantify the wealth variation by the difference between the transfer value and the acquisition value (the latter determined in accordance with the inheritance and gift tax), and also take into account the tax corresponding to the shares transferred.
Corporate Income Tax
The capital gain or loss will be calculated as the difference between the sale price and the acquisition price, and will be taxed in the year in which the reimbursement takes place. For the purpose of determining the purchase price, the weighted average cost criterion shall be used. On the other hand, at the time of reimbursement, the capital gain generated is subject to retention on account of corporate income tax, which is generally set at 19.00% of its amount. However, for the calculation of the retention base, the FIFO criterion is applied (according to which the shares sold are considered to be the oldest). As a result of the various accounting criteria set out below, the capital gains on which the retention is made may differ from those which should ultimately be included in the taxable base of the tax.
Unlike in the case of individuals, where there is no taxation until the sale or transfer of investment fund shares, in corporate income tax the increase or depreciation of the value of an investment fund share has tax implications, provided that the relevant income or expense has been recorded for accounting purposes.
Non-resident income tax
For tax purposes, an individual is considered to be non-resident in Spanish territory when neither of the following two conditions are met:
In general, capital gains or losses obtained by non-residents in Spanish territory as a result of the sale of shares are taxed at the general rate of 19.00%.
However, capital gains derived from the transfer or reimbursement of investment fund shares obtained by a resident of another European Union country or by a resident of a State that has a double taxation agreement with Spain, with an information exchange clause, are not subject to taxation in Spain.
This exemption does not apply if the capital gain is obtained through a territory or country qualified as a tax haven.
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