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Form 100. Personal Income Tax Return Declaration 2017

8.2.3.3. Shares and units of collective investment institutions

In the case of the transfer or reimbursement for consideration of shares or units representing the capital or assets of the collective investment institutions referred to in article 94 of this Law, the capital gain or loss shall be computed by the difference between the acquisition value and the transfer value, determined by the applicable net asset value on the date on which said transfer or reimbursement occurs or, failing that, by the last published net asset value. When there is no liquidation value, the theoretical value resulting from the balance sheet corresponding to the last fiscal year closed prior to the date of accrual of the Tax will be taken.

In cases other than the redemption of shares, the transfer value thus calculated may not be less than the highest of the following two:

  • The price actually agreed upon in the transfer.

  • The value of the quotation on official secondary securities markets as defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments and, in particular, on organised securities trading systems authorised in accordance with the provisions of Article 31.4 of Law 24/1988 of 28 July on the Securities Market, on the date of the transmission.

For the purposes of determining the acquisition value, the provisions of the Law for the transfer of securities admitted to trading on any of the regulated securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council shall apply, where applicable.

Notwithstanding the provisions of the preceding paragraphs, in the case of transfers of shares in listed investment funds referred to in article 49 of the Regulation of Law 35/2003, of November 4, on Collective Investment Institutions, approved by Royal Decree 1309/2005, of November 4, carried out on a stock exchange, the transfer value will be determined in accordance with the provisions for the transfer of securities admitted to trading.