Course Objectives
Those attending will attain essential know-how and will acquire the basic technique to know how to apply a fiscal approach to a financial investment within the framework of the investor's estate-related situation. Thus it will be possible to give optimum advice considering all the variables that affect the investor, both due to his profile and his estate, achieving the most appropriate investment from an economic and tax viewpoint.

Those attending will also learn to analyse the investments so that they harmoniously adapt to the client's estate, to avoid making investments that are profitable in the short term but deficient in the medium or long term. That is, not only will the personal income tax be taken into account, but also the tax on wealth and the inheritance and gift tax. The course will also incorporate the analysis of fiscal novelties that mainly affect financial investments as a result of the publication of the new Regulation of Law 35/200 on collective investment institutions, of the new Law 25/2006 on capital-risk entities and the possible legislative and jurisprudential amendments that might take effect in 2006, highlighting the Sentence of the Constitutional Court that affects the capital gains reduction coefficient for elements acquired before the 1 st of January 1995.

Participants
Especially aimed at professionals engaged in personal and private banking, in estate management and financial advisory services, and who, during the daily management, find they need to know about the taxation of the financial products they are offering and the impact they have on the investor's capital. In addition, the course is recommendable for other professionals linked to private consultancy in all its fields and private investors with different tax problems.

Programme
1. Introduction to financial taxation

2. Bank products

2.1  Deposits (in Spain and abroad)
2.2  Loans and credits
2.3  Awards and payments in kind
2.4  Financial accounts
2.5  Time deposits
2.6  Referenced and structured deposits

3. Fixed income

3.1   Characteristics of the fixed income assets market
3.2   Company promissory notes
3.3   Bonds and obligations
3.4   Convertible and exchangeable securities
3.5   Obligations with warrants
3.6   Subsidised obligations
3.7   Mortgage assets
3.8   Preferential shares
3.9   Foreign bonds and "killer" bonds
3.10 High performance bonds

4. Variable income

4.1  Characteristics of the variable income market
4.2  Dividends
4.3  Transmission
4.4  Usufruct
4.5  Preferential subscription rights
4.6  Capital increases and reductions

5. Group investment institutions

5.1  Typology of collective investment institutions. Novelties
5.2  Investment companies
5.3  Financial and real estate investment fund
5.4  Taxation of investments in collective investment institutions
5.5  Tax regime of collective investment institutions
5.6  Non-financial collective investment institutions
5.7  Collective investment institutions abroad
5.8  Asset-backed fund

6. Derivative financial products

6.1  Typology and structure of the derivative financial products market
6.2  Forward
6.3  Swaps
6.4  Futures
6.5  Options
6.6  Hybrid products

7. Life insurances

7.1  Life insurance notions
7.2  Life insurance contract typology
7.3  Life insurance taxation
7.4  Unit linked

8. Pension schemes

8.1  Regulation of pensions funds and schemes
8.2  Tax regime of contributions
8.3  Tax regime of benefits
8.4  Tax regime of pension schemes

9. Financial investment tax planning

9.1  Financial-tax profitability of financial products
9.2  Financial investments and repercussion on Personal Income Tax and
        on Wealth Tax
9.3  Financial investment tax planning in inheritance area

10. Assets tax planning

10.1  Personal holding companies
10.2  Holding companies
10.3  Tax benefits of family company
10.4  Family protocol

11. Capital-risk entities

11.1  Capital-risk companies
11.2  Capital-risk fund
11.3  Capital-risk entity managing companies
11.4  Capital-risk entity companies and fund

Dates:  March

Duration:  27 hours

Hours:  Wednesdays and Thursdays

Place:  IEF classrooms, Gran Vía, 670, 2º - 08010 Barcelona