8.2.3.3. Shares and participations of collective investment institutions

Transfer or redemption for consideration of shares or shares representing the capital or assets of collective investment institutions to which Article 94 of this Act refers to capital gains or losses, calculated by the difference between their acquisition value and the value of transfer, determined by the applicable net asset value on the date that the transfer or redemption occurs or, failing that, by the latest published net asset value. When there is no net asset value, the theoretical value resulting from the balance sheet corresponding to the last financial year closed before the accrual date of the Tax will be taken.

In cases other than the reimbursement of shares, the calculated transfer value may not be less than the greater of the following two:

• The price actually agreed in the transfer.

• The share price in official secondary securities markets defined in Directive 2014/65/EU of the European Parliament and relating to markets of financial instruments and, in particular, in organized securities trading systems authorised in accordance with the provisions of the Securities Market Act approved by Royal Legislative Decree 4/2015, on the date of the transfer.

For the purposes of determining the acquisition value, the provisions of the Act for the transfer of securities admitted to trading in one of the regulated securities markets defined in Directive 2014/65/EU of the European Parliament and of the Council.

Notwithstanding the provisions of the above paragraphs, in the case of transfers of investments in listed investment funds or SICAV shares listed indices referred to in Article 79 of the Regulation of Law 35/2003 of 4 November on collective Investment, approved by Royal Decree 1082/2012, of 13 July, carried out on the stock exchange, the transfer value will be determined in accordance with the provisions for the transfer of securities admitted to trading.