8,2,6,2,3. Capital gains and losses on subscription rights

The amount obtained by the transfer of subscription rights from securities admitted to trading on one of the regulated securities markets defined in Directive 2004/39/EC will have the tax rating of capital gains for the transferor in the tax period in which the transfer is made , and the period of permanence shall be taken as the period between the moment of acquisition of the value from which the right is applicable and that of the latter's transfer.

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.

They will be obliged to withhold or pay on account for Personal Income Tax, the depository institution and, failing this, the financial intermediary or the public notary who has taken part in the transfer.

The obligation to perform the withholding or payment on account arises in the moment the transfer is arranged, irrespective of the collection conditions agreed.

A transitional rule is also established to determine the acquisition value of the securities admitted for trading, deducting the amount obtained by transfers of subscription rights made until 31 December 2016, except for the amount of such rights that it would have been taxed as capital gains.