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Form 200. Corporate Income Tax Declaration 2019

4.2.42 Code 00371 SICAV: capital reductions and distribution of the share premium (Article 17.6 LIS)

Article 17.6 of the LIS establishes that in the capital reduction with refund of contributions, the excess of the market value of the elements received over the tax value will be integrated into the tax base of the partners. of participation.

The same rule will apply in the case of distribution of the issue premium of shares or participations.

However, in the case of operations carried out by variable capital investment companies (SICAV) regulated in Law 35/2003, of November 4, on Collective Investment Institutions, not subject to the general tax rate, the total amount received in the capital reduction with the limit of the increase in the net asset value of the shares from their acquisition or subscription until the moment of the reduction of share capital, will be integrated into the partner's tax base without the right to any deduction in the full share.

Whatever the amount received as a distribution of the share premium made by said variable capital investment companies, it will be integrated into the partner's tax base without the right to deduct any deduction from the full quota.

The above will apply to collective investment organizations equivalent to variable capital investment companies that are registered in another State, regardless of any limitation they had with respect to restricted groups of investors, in the acquisition, transfer or redemption of their shares. ; In any case, it will apply to companies covered by Directive 2009/65/EC of the European Parliament and of the Council, of July 13, 2009, which coordinates the legal, regulatory and administrative provisions on certain collective investment undertakings. in movable securities.

In application of the provisions of this article, the taxpayer must include in the key [00371] « SICAV : Capital reductions and distribution of the share premium (art. 17.6 LIS)» on page 12 of form 200, completing, where appropriate, their corresponding breakdown boxes, the amounts that the partners (taxpayers) must integrate into their tax base. of the Corporate Tax) due to the capital reductions with refund of contributions and the distribution of the issue premium carried out by the variable capital investment companies regulated in the Law of Collective Investment Institutions not subject to the general tax rate and by collective investment organizations equivalent to said companies that are registered in another State.