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Form 100. 2019 Personal Income Tax return Exchange of goods or rights

Of the exchange of assets or rights, including the exchange of securities, the capital gain or loss will be determined by the difference between the acquisition value of the good or right that is transferred and the greater of the following two:

  • The market value of the good or right delivered.

  • The market value of the good or right received in exchange.

Special system for exchanging securities

When the special regime for exchanging securities regulated in Articles 83 and following of the revised text of the Corporation Tax Act is applicable, the following rules shall be taken into account:

The income that is disclosed as a result of the exchange of securities will not be included in the taxable base.

The securities received by the partners are valued, for tax purposes, for the value of the delivered, determined in accordance with the Personal Income Tax rules. this valuation will be increased or decreased in the amount of the complementary compensation paid in money delivered or received. The securities received will keep the date of acquisition of the delivered ones.

The exchange of securities representing the share capital will be considered as the transaction through which an entity acquires a share in the share capital of another that allows you to obtain the majority of voting rights in it, by assigning to the members, in exchange for their securities, other representatives of the first bank's share capital and, where applicable, of a cash compensation that does not exceed 10% of the 100 nominal value or, in the absence of a nominal value, of a value equivalent to the nominal value of these securities deducted from their accounting.