8.2.6.2.3. Capital gains and losses subscription rights

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 capital gains for the tax period in which the transfer is made, and the period between the moment of acquisition of the security from which the right comes and the moment of transfer of the latter will be taken as the period of permanence.

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 depositary entity and, failing that, the financial intermediary or public notary who has intervened in the transfer will be obliged to withhold or pay into the account for the Personal Income Tax.

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 securities admitted to trading, deducting the amount obtained from the transfers of subscription rights made until December 31, 2016, with the exception of the amount of such rights that would have been taxed as capital gains.