4.2.37 Keys 01808 and 01812 decrease in value caused by fair value criteria (Art. 15 l) LIS)

For tax periods beginning on or after 1 January 2017, Royal Decree-Law 3/2016 of 2 December 2016 adopting tax measures aimed at consolidating public finances and other urgent social measures introduces in the new article 15 l) of the LIS an exception to the general rule established by article 17.1 of said Law, according to which changes in value arising from the application of the fair value criterion will not have tax effects until they are charged to the profit and loss account.

For these purposes, article 15 l) of the LIS establishes that decreases in value arising from the application of the fair value criterion corresponding to securities representing participations in the capital or equity of entities that meet the requirements of article 15 k) of said Law, which are recorded in the profit and loss account, will not be deductible, unless, previously, an increase in value corresponding to homogeneous securities of the same amount has been integrated into the tax base, where appropriate.

Consequently, the taxpayer must include in the [01808] key for increases the amount of decreases in value arising from the application of the fair value criterion corresponding to securities representing participations in the capital or equity of entities that meet the aforementioned requirements.