SICAV Transitional Regime: Taxation for assets incurred after dissolution.

SICAV Transitional Regime: Taxation for assets incurred after dissolution.

The recent Binding Consultation of the General Directorate of Taxes, V0001-24 of January 22, 2024, has brought up certain situations not provided for in the Forty-First Transitional Provision of the Corporate Tax Law that regulates the transitional tax deferral regime of the income derived from the liquidation of a SICAV linked to the reinvestment, within a specific period, of the total money or assets that make up the liquidation fee, in units or shares of certain collective investment institutions.

Once the allocation of money or assets in payment of the liquidation fee to the partners of the SICAV has been made, new supervening assets may appear, such as, for example, recovery of excess withholding on dividends paid abroad, amounts received in the framework of collective lawsuits, interests derived from remuneration of credit balances in current accounts or remainders of the amounts consigned in compliance with commercial regulations for the payment of debts, which because they did not exist or were undetermined at the time of liquidation, were not computed in the liquidation fee of the partners but that its award will be made at a later time.

The question raised concerns whether the emergence of these assets arising after the liquidation and dissolution of the SICAV can continue to benefit from the transitional reinvestment regime or, on the contrary, would be subject to the general tax regime for the partner, as income that comes from the liquidation and dissolution of the SICAV.

Given this very particular situation, the General Directorate of Taxes concludes in its response that said supervening assets are part of the partner's liquidation fee as long as they are understood to be included as a “total” liquidation fee, so the partner must reinvest said amount awarded in shares or participations of collective investment institutions in the terms provided in the Forty-First Transitional Provision.

The time period available to the successful partner to carry out the reinvestment of the amount that makes up the additional fee awarded for the supervening asset will be one month computed from the date on which the liquidator awarded the money or money to the partner. assets that make up said additional settlement fee.

Finally, the acquisition value of the reinvestment carried out in other shares or participations of Collective Investment Institutions will be null or zero, taking as the acquisition date the same date that corresponds to the shares of the partner in the liquidated SICAV that had been communicated. in the last reinvestment made.

By virtue of all the above, the DGT thus reinforces the line taken aimed at making the tax impact of the special tax regime for reinvestment of the amounts obtained from the dissolution and liquidation of a SICAV more flexible to mitigate the tax blow of these operations.

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