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Form 100. 2019 Personal Income Tax return Shares and holdings admitted to trading in official markets

When the change in the value of the assets derives from the transfer for valuable consideration of securities admitted to trading on one of the official secondary securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and representative of the participation in the equity of companies or entities, the gain or loss shall be calculated as the difference between their acquisition value and the transfer value, determined by their quotation on said markets on the date on which the latter occurs or by the agreed price when it is higher than the quotation.

The acquisition value will be reduced by the amount obtained by transfers of subscription rights made before January 1, 2017, except for the amount of such rights that would have been taxed as capital gains.

When shareholding is not the totality of subscription rights, it shall be understood that the transferred correspond to securities acquired in the first place (art. 37.2 Law).

Subscription rights

From 1 January 2017, the amount obtained by the transfer of subscription rights will be considered as capital gains for the transferor in the tax period in which the transfer takes place.

Actions released

  1. Fully released shares

    In the case of fully released shares, the acquisition value of both these and the shares resulting from them will result from distributing the total cost between the number of securities, both the former and the corresponding released shares; and their seniority shall be considered to be that which corresponds to the shares from which they derive (art.37.2 Law).

  2. Partially released shares

    In the case of partially released shares, the acquisition value will be the amount actually paid by the taxpayer and their age will be that corresponding according to the date of delivery.

Distribution of share premium and reduction of capital with return of contributions 

In the case of distribution of the issue premium on shares or holdings, or of a capital reduction aimed at refunding contributions (art. 33.3.a) Law), the amount obtained will reduce, until it is cancelled, the acquisition value of the shares or holdings affected and any excess will be taxed as income from capital. If the capital reduction comes from undistributed profits, all the amounts received for this item will be taxed in accordance with the provisions of section 1 of article 25.1.a) of the Act.