Mutual funds are not liable to Income Tax under the present tax regime until the shares owned are disposed of or sold. Transfers between mutual funds are not liable to tax until the amounts invested are definitively cashed in.
There is then a capital variation, gain or loss, which is the difference between the value of the disposal or sale of the shares and the value of purchase or subscription (updated in the Basque Country), understanding that those purchased first are considered disposed of.
A deduction is applied to capital gains calculated in this way resulting from cashing in shares subscribed prior to the 31st of December 1994.
Capital gains can be offset against demonstrable capital losses from the sale of shares in other mutual funds, conventional shares and/or real estate, and the result, if positive, forms part of the savings base, liable to the following rates:
| |
NAVARRA |
BASQUE COUNTRY |
REST |
| Up to € 6,000 |
18% |
20% |
19% |
| More than € 6,000.01 |
21% |
20% |
21% |
If the result is negative, then it can be offset over the next 4 years.
Capital gains are also withheld as income tax payment on account:
| NAVARRA |
BASQUE COUNTRY |
REST |
| 18% |
19% |
19% |
In Navarra, capital increases are tax free when the sum of the disposals which take place in the year (sum of mutual funds, shares and real estate) does not exceed €3,000 per taxpayer. In the case of a married couple in community of property, the amount is €6,000.