Tax
Regime
8
69
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
COLLECTIVE INVESTMENT SCHEMES
Dividends from SICAVs and from investment
funds are considered as a yield on investment securities
and as such form part of savings income and have a tax
rate of 21% for the first €6,000, 25% for amounts up
to €24,000, and 27% for amounts over €24,000. These
yields do not benefit from the tax exemption of €1,500
and are subject to a 21% withholding tax.
The amount obtained from the transfer or repay-
ment of the SICAV and mutual funds forms part of a
capital gain and is therefore taxed as savings income
when the capital gain has been generated during more
than a year, or at the marginal Personal Income Tax rate
when it has been generated during a period of a year or
less. These capital gains are subject to a withholding.
A transitory regime is established for gains from
the transfer or reimbursement of units or shares in CISs
acquired before December 31, 1994. Capital gains ge-
nerated before January 20 2006 can benefit from tax
reduction coefficients (14% for each year that surpasses
two until December 31, 1996).
Transfers between mutual funds are not taxed. The
tax charge takes effect when the divestment is definiti-
ve (exemption from “toll tax”).
As of September 23, 2010 the amounts procee-
ding from the reduction of capital with the return of
contributions and from the return of the share or unit
issue premium conducted by SICAVs and other collec-
tive investment schemesequivalent to SICAVs consti-
tute yields on securities investments and, as such, are
integrated into income from savings and submitted to a
19% tax for the first €6,000 and the rest at 21% without
applying the €1,500 exemption.
Capital gains from the transfer or repayment of
ETFs are not taxed.
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