4.7. AV CAPITAL REDUCTION WITH AMORTIZATION OF SECURITIES

If the reduction of the share capital is carried out by means of the amortization of the shares, the shares acquired first will be considered to be amortized, and the acquisition value not cancelled will be distributed proportionally among the remaining homogeneous securities that remain in the taxpayer's assets.

In this case, since there is no refund of contributions, taxation is deferred until the transfer of the securities that remain in the taxpayer's assets occurs.

If the capital reduction corresponds to the distribution of undistributed profits, do not record this operation in the Securities Portfolio and declare the capital gains in Renta Web.

Type of AV operation.

Date of the operation of transfer of rights.

Market key according to the operation carried out:

• 1- Official Spanish secondary securities market

• 2- Official secondary market for European foreign securities

• 3- Official secondary market for non-European foreign securities.

Number of titles.

Nominal value of the securities.