Attributable income

The income imputation regime regulated by article 95 is applicable to taxpayers of IRPF who participate in collective investment institutions established in countries or territories classified by regulation as tax havens, and the following must be distinguished:

When there is no transfer or reimbursement of shares or interests in collective investment institutions 

Under this regime, partners or participants in collective investment institutions established in countries or territories that are regulated as tax havens must impute each year, even if the transfer or reimbursement has not taken place, in the general part of the tax base the positive difference between the net asset value of the participation on the day of the closing of the tax period and its acquisition value at the beginning of the aforementioned period . For these purposes, it will be presumed, unless proven otherwise, that this difference is 15% of the acquisition value of the share or participation.

This income is classified as imputed income (not as capital gain) and must be included in the general tax base of the tax in each tax period.

The amount imputed will be considered the higher acquisition value of the share or participation.

The profits distributed by the collective investment institution will not be allocated and will reduce the acquisition value of the share.

When there is a transfer or reimbursement of shares or interests in collective investment institutions 

In these cases, once the acquisition value has been calculated in accordance with the provisions of the previous section, the income derived from the transfer or reimbursement of the shares or interests will be determined in accordance with the provisions of article 37.1.c) of the Income Tax Law is discussed in section " Transfers or reimbursements of shares or interests in collective investment institutions regulated by Law 35/2003 " within the specific valuation rules to determine the amount of capital gains or losses in Chapter 11 of this Manual.

Remember : the special regime of deferral of taxation provided for in article 94 of the Income Tax Law does not apply to the transfer or reimbursement of shares or interests in collective investment institutions established in countries or territories that are regulated as tax havens