7,2,3,8. Income from movable capital derived from subordinated debt securities or preferred shares

For those taxpayers who receive compensation in the year for agreements entered into with entities issuing subordinated debt or preferred shares, it is permitted to compute, on a voluntary basis, in the year in which the compensation is received, a single return in this section for the difference between the compensation received and the investment made, without having to reflect the intermediate steps of repurchase and subscription or exchange of securities. Since it is voluntary, the taxpayer may, in any case, decide not to apply the special rule and apply the general rules of personal income tax, giving each of the operations carried out the appropriate treatment.

If this special procedure is chosen, the difference between the compensation received and the investment initially made will be computed as income from movable capital. This compensation will be increased by the amounts previously obtained from the transfer of the securities received. In the event that these securities have not been transferred or delivered pursuant to the agreement with the issuers, the aforementioned compensation will be increased by the valuation that was taken into account for the quantification of the compensation.

The repurchase and subscription or exchange for other securities, or the transfer of the latter carried out before or as a result of the agreement, will have no tax effects, and, where appropriate, a supplementary self-assessment must be made within the period between the date of the agreement and September 30, 2021.

If you choose to apply this special quantification rule, immediately after filing, where applicable, these additional self-assessments, the taxpayer is obliged to report the years of the self-assessments affected by the new quantification, for which you must complete a specific form that can be submitted electronically, via the Internet (Electronic Headquarters of the AEAT ), or at the registration offices of the Tax Agency.

Holders of subordinated debt or preferred shares whose contracts have been declared void by a court ruling, and who have recorded income from them in their personal income tax return, may request rectification of said returns and request and, where appropriate, obtain a refund of undue income, even if the right to request a refund has expired. When the right to request a refund has expired, the correction of the self-assessment will only affect the returns from subordinated debt and preferred shares, and any withholdings that may have been made on such returns.