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Form 100. Personal Income Tax Declaration 2019

7,2,3,8. Income from capital derived from subordinated debt securities or preferred shares

For those taxpayers who receive compensation in 2019 for agreements entered into with the entities issuing subordinated debt or preferred shares, it is allowed to voluntarily compute, in the year in which the compensation is received, a single return in this section for the difference between the compensation received and the investment made, without having to reflect the intermediate steps of repurchase and subscription or exchange of securities. As it is voluntary, the taxpayer can, in any case, decide not to apply the special rule and apply the general personal income tax rules, giving each of the operations carried out the appropriate treatment.

If this special procedure is chosen, the difference between the compensation received and the investment initially made will be computed as return on capital. This compensation will be increased by the amounts that would have been previously obtained by transmitting the values received. In the event that these securities have not been transmitted or delivered as a result of the agreement with the issuers, the aforementioned compensation will increase in the valuation that was taken into account for the quantification of the compensation.

The repurchase and subscription or exchange for other securities, nor the transfer of the latter carried out before or as a result of the agreement, will not have tax effects, and complementary self-assessment must be carried out, where appropriate.

If you choose to apply this special quantification rule, immediately after the presentation, if applicable, of these complementary self-assessments, the taxpayer is obliged to communicate the years of the self-assessments affected by the new quantification, for which they must complete a specific form. which can be presented electronically, through the Internet (Electronic Headquarters of the AEAT ), or in the registration offices of the Tax Agency.

Holders of subordinated debt or preferred shares whose contracts have been declared null and void by court ruling, and who have recorded income from them in their personal income tax self-assessment, may request rectification of said self-assessments and request and, where appropriate, obtain the refund of undue income, even if the right to request the refund had expired. When the right to request a refund has expired, the rectification of the self-assessment will only affect the income from the subordinated debt and the preferred shares, and the withholdings that could have been applied for such income.