Polarization conversion of light reflected from quantum wells governed by both magnetic field and light propagation direction is observ​​ed.We demonstrate that the polarization conversion is caused by the magnetospatial dispersion in quantum wells which manifests itself in the reflection coefficient contribution bilinear in the in-plane components of the magnetic field and the light wave vector. The magnetospatial dispersion is shown to arise due to structure inversion asymmetry of the quantum wells. The effect is resonantly enhanced in the vicinity of the heavy-hole exciton. We show that microscopically the magnetospatial dispersion is caused by the mixing of heavy- and light-hole states in the quantum well due to both orbital effect of the magnetic field and the in-plane hole motion. The degree of the structure inversion asymmetry is determined for GaAs/AlGaAs and CdTe quantum wells. ​

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