Market Taxation Guide - Spain (securities held in CBF)
This Market Taxation Guide (Spain) provides the following details:
- Reference information about all taxes applied at source, through LuxCSD and its local partners, to securities deposited in LuxCSD; and
- Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through LuxCSD.
New and improved tax information and procedures that become available will be included on an ongoing basis.
Important note:
This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether customers or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.
Withholding tax
As of 1 January 2016 the standard rate of withholding tax on all Spanish securities (debt securities and equities) is reduced from the previous 19.5% to 19%.
The previous applicable standard withholding tax rates were:
From 1 January 2010 until 31 December 2011 | 19% |
From 1 January 2012 until 31 December 2014 | 21% |
From 1 January 2015 until 11 July 2015 | 20% |
From 12 July 2015 until 31 December 2015 | 19.5% |
| Public debt securities and corporate bonds subject to RD 1145/2011 | Holding restriction | Reporting requirement | Withholding tax rate | Relief at source | Immediate refund | Quick refund | Standard refund |
No | Yes | 19% a | |||||
Non-residents of Spain | Yesb | Yes | Yes | No | |||
Supranational organisations recognised by Spanish law | Yesb | Yes | Yes | No | |||
Spanish resident corporate income tax payers | N/A | Yes | Yes | No | |||
a. Only on corporate bonds issued on or after 1 January 1999 traded on the Spanish market in book entry form.
b. RAS only available to LuxCSD customers holding the securities in a segregated X account (exempt account).
| Corporate bonds not subject to RD 1145/2011 | Holding restriction | Reporting requirement | Withholding tax rate | Immediate refund | Quick refund | Standard refund |
No | No | 19% | ||||
Residents of a Double Taxation Treaty (DTT) country | Yes | Yes | Yes | |||
Residents of EU member countries other than Spain, not retrieving the income through an intermediary resident in a tax haven | Yes | Yes | Yes | |||
Supranational organisations recognised by Spanish law | Yes | Yes | Yes | |||
Central banks | Yes | Yes | Yes | |||
| Spanish resident corporate income tax payers a | Yes | Yes | No | |||
a. Only on corporate bonds issued on or after 1 January 1999 traded on the Spanish market in book entry form.
| Stripped public debts and Zero coupon (maturity < 12 months) | Holding restriction | Reporting requirement | Withholding tax rate | Immediate refund | Quick refund | Standard refund |
| Yes a | Yes | 0% | ||||
Non-residents of Spain | N/A | N/A | N/A | |||
Spanish resident corporate income tax payers | N/A | N/A | N/A | |||
a. Spanish resident individual tax payers cannot hold with LuxCSD Spanish stripped public debt securities (regardless of the maturity) and zero coupon corporate debt securities with a maturity of less than 12 months.
| T-bills | Holding restriction | Reporting requirement | Withholding tax rate | Immediate refund | Quick refund | Standard refund |
No | Yes | 0% | ||||
Non-residents of Spain | N/A | N/A | N/A | |||
Spanish residents | N/A | N/A | N/A | |||
| Equities | Holding restriction | Reporting requirement | Withholding tax rate | Immediate refund | Quick refund | Standard refund |
No | No | 19% | ||||
Residents of a Double Taxation Treaty (DTT) country | No | Yes | Yes | |||
Supranational organisations recognised by Spanish law | No | Yes | Yes | |||
Capital gains tax
There is no capital gains tax withheld through LuxCSD on securities held in LuxCSD. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.
Stamp Duty
There is no stamp duty withheld through LuxCSD on securities held in LuxCSD. Stamp duty may however be payable on specific transactions. LuxCSD does not assist in this regard. Please consult your tax advisor for further information.