7,2,3,5. Income derived from the transfer, amortization or reimbursement of other financial assets

The income derived from the transfer or repayment of Treasury Bills and the income derived from subordinated debt securities or preferred shares will not be included under this heading, but rather in specific sections.

Income from movable capital is considered to be income derived from the transfer, reimbursement, amortization, exchange or conversion of any type of assets representing the raising and use of external capital (bonds, notes, promissory notes, mortgage bonds, etc.).

Completion

The calculation of each return must be carried out individually for each security or asset.

1. The difference between the value of the transfer, reimbursement, amortization, exchange or conversion of the securities and their acquisition or subscription value will be computed as total income.

   The exchange or conversion value will be taken as the value corresponding to the values received.

   The accessory acquisition and transfer costs paid by the purchaser (acquisition value) or transferor (transfer or reimbursement value) will be computed for the quantification of the yield as a higher acquisition value or a lower transfer value as long as they are adequately justified.

   If the performance has been received in kind, the market value of the goods or services received must be computed as full income. The advance payment will be added to this value, unless its amount has been passed on to the recipient of the income.

   The following returns will also be included in this section:

   • Income derived from temporary transfer operations of financial assets with a repurchase agreement.

   • Income paid by a financial institution as a result of the transmission, assignment or transfer, in whole or in part, of a credit owned by the latter.

   • The income from any negotiable instrument, including those arising from commercial operations, from the moment it is endorsed or transferred, unless the endorsement or transfer is made as payment for a credit from suppliers or providers.

   Negative returns will be recorded preceded by a minus sign (-).

   However, it must be taken into account that negative returns derived from transfers of financial assets, when the taxpayer has acquired homogeneous assets within the two months prior to or after said transfers, will be integrated as the financial assets that remain in the taxpayer's assets are transferred.

2. Withholdings

   This section will indicate the withholdings made or payments on account made on the accrued income, amounts that the program transfers to box 0597.

3. As deductible expenses, only the expenses of administration and deposit of negotiable securities will be recorded.

   For these purposes, administration and deposit expenses shall be considered to be those amounts charged by investment services companies, credit institutions or other financial institutions which, in accordance with Royal Legislative Decree 4/2015, of October 23, approving the revised text of the Securities Market Law, have the purpose of remunerating the service derived from the performance, on behalf of their holders, of the service of deposit of securities represented in the form of certificates or the administration of securities represented in account entries.

   Amounts representing consideration for discretionary and individual management of investment portfolios, where there is a disposition of investments made on behalf of the owners in accordance with the mandates conferred by them, will not be deductible.

4. Profitable transmissions due to death

   It is estimated that there is no return on movable capital in the lucrative transfers, due to the death of the taxpayer, of the financial assets referred to in this section. The negative capital gains derived from the luctative transfer of these assets by "inter vivos" acts are also not computed.