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Form 100. Personal Income Tax Return 2023

7.6.3.2. Shares and interests not admitted to trading on official markets

The transfer for consideration of securities or participations not admitted to trading on official secondary securities markets defined in Directive 2014/65/EU of the European Parliament and of the Council, of May 15, 2014, and representative of participation in own funds of companies or entities, will generate a gain or loss that will be computed by the difference between the acquisition value and the transfer value.

Unless it is proven that the amount actually paid corresponds to what independent parties would have agreed upon under normal market conditions, the transfer value may not be less than the highest of the following two:

  • The theoretical result of the balance corresponding to the last fiscal year closed prior to the tax accrual date.

  • The result of capitalizing at a rate of 20% the average of the results of the three fiscal years closed prior to the date of accrual of the Tax. For this purpose, dividends distributed and allocations to reserves, excluding those for adjustment or updating of balance sheets, will be recorded as profits.

The transfer value thus calculated will be taken into account to determine the acquisition value of the securities or shares that corresponds to the purchaser.

When there are homogeneous values, those transferred by the taxpayer will be considered to be those that he acquired in the first place (art. 37.2 Law).

Subscription rights

To determine the acquisition value of the shares transferred, only the amount of the subscription rights transferred before March 23, 1989 will be deducted.

The alienation of preferential subscription rights derived from this class of shares determines that the amount obtained is in any case considered a capital gain for the transferor in the tax period in which said transfer occurs, without being able to compute, in these cases, an acquisition value of said rights and for which the period of permanence will be taken as the one between the moment of acquisition of the value from which the right comes and the moment of the transfer of the latter.

Free shares

  1. Fully paid-up shares

    In the case of fully paid-up shares, the acquisition value of both the former and the subsequent shares will result from dividing the total cost between the number of shares, both the old ones and the corresponding paid-up shares; and the seniority thereof shall be considered to be that which corresponds to the shares from which they originate (art. 37.2 Law).

  2. Partially paid shares

    In the case of partially paid-up shares, their acquisition value will be the amount actually paid by the taxpayer and their seniority will be that corresponding to the date of delivery.