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Form 100. Personal Income Tax Declaration 2019 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 a capital gain for the transferor in the tax period in which the transfer is made, and the period of permanence will be taken to be the period between the moment of acquisition of the value from which the right arises and the transfer of the latter.

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 deposit on account by the personal income tax, the depositary entity and, failing that, the financial intermediary or the public notary who has intervened in the transmission.

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 to trading, deducting the amount obtained from the transfers of subscription rights carried out until December 31, 2016, with the exception of the amount of such rights that would have been taxed as capital gain.