8.3.3. Savings tax base

The savings tax base is made up of the following components:

1. Positive balance of capital gains derived from: (P. . art.25 1, 2 And 3) :

   • Participation in the institution's own funds

   • Transfer of own capital to third parties (unless they come from entities linked to the taxpayer)

   • Capitalisation operations

   • Life or disability insurance contracts

   • Income due to the imposition of capital

   If the result of the integration and compensation results in negative balance, it will be offset with the positive balance of the gains and losses quarterly amounts derived from the transfer of capital elements that are part of the savings tax base, obtained in the same tax period, with the limit of 25% of this positive balance. 100

   If after this compensation the negative balance remains, the amount will be offset in the following four years and in the same order.

2. Positive balance of capital gains and losses derived from transfers of equity elements

   This group includes the positive balance of the capital gains and losses that are made manifest in the event of transfers of capital elements or improvements made to them.

   These gains and losses are integrated and offset exclusively by each other in each tax period. If the result of the compensation is positive, the balance is included in the savings tax base. However, if the result of the compensation shows a negative balance, the amount will be offset with the positive balance of the capital's earnings furniture that forms part of the savings tax base, obtained in the same positive period, with the limit of 25 per cent of this positive balance.

   If after this compensation the negative balance remains, the amount will be offset in the following four years and in the same order.

   The compensation must be made in the maximum amount allowed for each of the following years and cannot be carried out outside the period referred to in the previous section by accumulating capital losses from subsequent years.