4.2.64 Codes 00377 and 00378 venture capital companies and funds and regional industrial development companies (Chapter IV, Title VII LIS)

For venture capital entities (companies and funds), regulated in Law 22/2014 regulating venture capital entities, other closed-type collective investment entities and management companies of closed-type collective investment entities, and which modifies Law 35/2003, of November 4, on Collective Investment Institutions, section 1 of article 50 of the LIS , establishes the 99 percent exemption of the income obtained in the transfer of securities representing participation in the capital or funds of companies or venture capital entities referred to in article 3 of Law 22/2014, in relation to those income that does not meet the requirements established in article 21 of the LIS, provided that the transfer occurs from the beginning of the second year of ownership computed from the moment of acquisition or delisting and up to and including the fifteenth year. Exceptionally, an extension of this last term may be accepted, up to and including the twentieth year.

The fourth and fifth paragraphs of the aforementioned section 1 of article 50 of the LIS set out other conditions for the application of said exemption and section 6 of the same article sets out the cases in which the exemption is not applicable in the event of not the requirements established in article 21 of the LIS are met.

Dividends or shares in profits received from companies owned by regional industrial development companies regulated by Law 18/1982, of May 26, on the tax regime for groups and temporary unions of companies and regional industrial development companies, They will enjoy the exemption provided for in article 21.1 of the LIS regardless of the percentage of participation and the duration of holding the shares or participations.

Venture capital companies and funds and regional industrial development companies must include in the code [00378] (decreases), completing, where appropriate, their corresponding breakdown boxes, the amount of the exempt income referred to in the previous paragraphs. of this section.