Deferred integration: Capital losses arising from transfers with repurchase of the transferred asset

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 for the year in which it was generated.

1. Transfer of assets subsequently reacquired

   Losses arising from the transfer of assets will not be counted as capital losses when the transferor reacquires them within one year of the date of said transfer.

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

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

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

   However, the homogeneity of a set of securities shall not be affected by any differences between them in relation to their unit value; dates of launch, 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.

   Losses arising from the transfer of securities or shares 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 the securities or shares are not admitted to trading on any of the official secondary securities markets as 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 traded on the MAB, as the MAB is not one of the markets covered by that Directive, when the taxpayer has acquired homogeneous securities in the year prior to or after said transfers.

   In these cases, capital losses will be integrated as the securities 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 acquires the assets or homogeneous securities or shares after the end of the regulatory declaration period for the tax period in which the capital loss resulting from the transfer was calculated, he/she must submit self-assessment supplementary , including late payment interest, within the period between the date on which the acquisition takes place and the end of the regulatory declaration period corresponding to the tax period in which said acquisition is made.