Tax treatment of index participation units : Spain

Part of a comparative survey which intends to address the tax consequences of dematerialized financial instruments which allow the investor to invest in a stock exchange index without having to buy the entire basket of underlying shares. This part provides an accounting and tax analysis of the holding and IPUs, from both Spanish and international perspective. In addition, the tax treatment of the direct holding and issuance of IPUs (Index Participation Units) will also be addressed.