Lazy integration: property losses arising from transfers with repurchase of the transferred asset element

The following capital losses will not be included for liquidation purposes in the same year in which they are generated, however, the loss must be declared and quantified in the declaration of the year in which it was generated.

1. Transfer of assets reacquired later

   Those derived from the transfer of assets will not be computed as property losses when the transferor reacquires them within the year following the date of said transfer.

   This capital loss will be integrated when the subsequent transfer of the asset element occurs.

2. Transfer of securities or participations and reacquisition of homogeneous securities

   For the exclusive purposes of this Tax, homogeneous securities or participations from the same issuer will be considered those that are part of the same financial operation or respond to a unity of purpose, including the systematic obtaining of financing, are of the same nature and regime of transmission, and attribute to their owners substantially similar content of rights and obligations.

   However, the homogeneity of a set of values will not be affected by the possible existence of differences between them in relation to their unit amount; dates of putting into circulation, material delivery or pricing; placement procedures, including the existence of tranches or blocks intended for specific categories of investors; or any other aspects of an accessory nature. In particular, homogeneity will not be altered by the division of the issue into successive tranches or by the provision of extensions.

   Those derived from the transfers of securities or participations will not be computed as capital losses when the taxpayer has acquired homogeneous securities within the following periods:

   1. If they are securities or shares admitted to trading on any of the official secondary securities markets defined in Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, such as for example, shares listed on the stock exchange, investment funds that comply with the daily reporting obligations established in the regulations that regulate IICs) when the taxpayer had acquired homogeneous securities within the previous two months or after such transmissions.

   2. If these are securities or shares not admitted to trading on any of the official secondary securities markets defined in Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, (currently Directive 2014/65/EU) such as SICAV and SOCIMI shares that are traded on the MAB, as the MAB is not one of the markets contemplated in that Directive, when the taxpayer has acquired homogeneous securities in the year before or after such transmissions.

   In these cases, the capital losses will be integrated as the values or shares that remain in the taxpayer's assets are transferred.

Reacquisition after the end of the declaration period (art.73.2 Rgl.)

When the taxpayer makes the acquisition of the assets or homogeneous securities or participations after the end of the regulatory declaration period of the tax period in which the capital loss derived from the transfer was computed, he must present self-assessment complementary , including late payment interest, in the period between the date on which the acquisition occurs and the end of the regulatory declaration period corresponding to the period tax in which said acquisition is made. The default interest rate for fiscal year 2019 is 3.75%.