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Form 100. Personal Income Tax Declaration 2018 Capital gains and losses derived from the transfer of securities received through repurchase and subscription or exchange operations of subordinated debt securities or preferred shares

The amount obtained from the transfer of subscription rights from securities admitted to trading on any of the regulated securities markets defined in Directive 2004/39/EC will be classified as a capital gain for the transferor in the tax period in which the transfer is made, without it being necessary to compute, in these cases, an acquisition value of said rights and the period of permanence will be taken as the period between the moment of acquisition of the value from which the right originates and that of the transmission of this right. last.

 In addition, the gain derived from the transfer of pre-emptive subscription rights from securities, whether admitted to trading or not, owned by the taxpayer, is subject to withholding tax at a rate of 19 per cent on the amount obtained in the transaction or, if the depositary is obliged to withhold tax, on the amount received by the depositary for delivery to the taxpayer.

 The depository institution and, failing that, the financial intermediary or the notary public who has intervened in the transfer, are obliged to withhold or pay personal income tax.

The obligation to withhold or deposit on account will arise at the time the transfer is formalized, regardless of the agreed collection conditions.

 - A transitional rule is also established to determine the acquisition value of securities admitted to trading, deducting the amount obtained from transfers of subscription rights made up to 31 December 2016, with the exception of the amount of such rights that would have been taxed as a capital gain.