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Form 100. Personal Income Tax Declaration 2019 Shares and participations not admitted to trading on official markets

Of the transfer for consideration of securities or participations not admitted to trading on official secondary securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council, of April 21, 2004, and representative of participation in funds of companies or entities, the gain or loss will be computed by the difference between the acquisition value and the transfer value.

Unless there is proof that the amount actually paid corresponds to what independent parties would have agreed upon under normal market conditions, the transfer value may not be less than the greater of the following two:

  • The theoretical result of the balance corresponding to the last fiscal year closed prior to the date of accrual of the Tax.

  • The result of capitalizing at the rate of 20 per 100 the average of the results of the three fiscal years closed prior to the date of accrual of the Tax. For this purpose, dividends distributed and allocations to reserves, excluding those for adjustment or updating of balance sheets, will be recorded as profits.

The transfer value thus calculated will be taken into account to determine the acquisition value of the securities or shares corresponding to the acquirer.

When there are homogeneous values, it will be considered that those transmitted by the taxpayer are those that were acquired in the first place (art. 37.2 Law).

Subscription rights

To determine the acquisition value of the shares transferred, only the amount of the subscription rights sold before March 23, 1989 will be deducted.

The alienation of preferential subscription rights derived from this class of shares determines that the amount obtained is in all cases considered a capital gain for the transferor in the tax period in which said transfer occurs, without it being able to be computed, in these cases, an acquisition value of said rights and for which the period of permanence will be taken as the period between the moment of acquisition of the value from which the right originates and the transfer of the latter.

Released shares

  1. Fully released shares

    In the case of fully released shares, the acquisition value of both these and the corresponding ones will result from distributing the total cost among the number of titles, both the old ones and the corresponding released ones; and their seniority will be considered to be that which corresponds to the shares from which they come (art. 37.2 Law).

  2. Partially released shares

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

Distribution of the share premium or capital reduction whose purpose is the 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 amounts received for this concept will be taxed in accordance with the provisions of section 1 of article 25.1.a) of the Law.