We report on carrier dynamics in a spin photodiode based on a ferromagnetic-metal-GaAs tunnel junction. We show that the helicity-dependent current is determined not only by the electron spin polarization and spin asymmetry of the tunneling but in great part by a dynamical factor resulting from the competition between tunneling and recombination in the semiconductor, as well as by a specific quantity: the charge polarization of the photocurrent. The two latter factors can be efficiently controlled through an electrical bias. Under longitudinal magnetic field, we observe a strong increase of the signal arising from inverted Hanle effect, which is a fingerprint of its spin origin. Our approach represents a radical shift in the physical description of this family of emerging spin devices.