7.6.3.1. Shares and participations admitted to trading on official markets

When the alteration in the value of the assets comes from the transfer for consideration of securities admitted to trading in any of the official secondary securities markets defined in Directive 2014/65/EU of the European Parliament and of the Council, of May 15, 2014, relating to financial instrument markets, and representative of the participation in own funds of companies or entities, the gain or loss will be computed by the difference between its acquisition value and the transfer value, determined by its price in said markets. on the date on which it occurs or for the agreed price when it is higher than the quote.

The acquisition value will be reduced by the amount obtained from the transfers of subscription rights carried out prior to January 1, 2017, with the exception of the amount of such rights that would have been taxed as capital gain.

When shareholding is not the totality of subscription rights, it shall be understood that the transferred correspond to securities acquired in the first place (art. 37.2 Law).

Subscription rights

As of January 1, 2017, the amount obtained from the transfer of subscription rights will be considered capital gain for the transferor in the tax period in which the aforementioned transfer occurs.

Released shares

1. Fully released shares

   In the case of fully released shares, the acquisition value of both these and the corresponding ones will result from distributing the total cost among the number of titles, both the old ones and the corresponding released ones; and their seniority shall be considered to be that which corresponds to the shares from which they derive (art.37.2 Law).

2. Partially released shares

   In the case of partially released shares, their acquisition value will be the amount actually paid by the taxpayer and their age will be the corresponding one according to the date of delivery.