In general: onerous transfers of listed securities

Where the change in the value of the assets arises from the transfer for consideration of securities admitted to trading on one of the regulated securities markets as defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, which are representative of participation in the equity of companies or entities, the capital gain or loss shall be computed as the difference between the acquisition value and the transfer value, taking into account the following specific rules:

Please note that Directive 2004/39/EC has been repealed with effect from 3 January 2017 by Directive 2014/65/ EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. This, in its article 94, provides that references to Directive 2004/39/EC will be understood as references to Directive 2014/65/EU.

Transmission value

The transfer value will be determined by the price in said markets on the date of the transfer or by the agreed price when it is higher than the price.

Cost price

The following particularities must be taken into account when determining the acquisition value:

1. Acquisition value of partially paid-up shares.

   In the case of partially paid-up shares, the acquisition value of the same will be the amount actually paid by the taxpayer.

2. Acquisition value of fully paid shares.

   In the case of fully paid-up shares, the acquisition value, both of these and of those that are coming, will be the result of dividing the total cost between the number of shares, both the old ones and the corresponding paid-up ones. The seniority of these shares will be considered to be that which corresponds to the shares from which they originate.

3. Acquisition value in the case of transfers of subscription rights made before January 1, 2017

   Regulations: Twenty-ninth transitional provision Law IRPF .

   To determine the acquisition value of the securities, the amount obtained from the transfers of subscription rights made prior to January 1, 2017 will be deducted, with the exception of the amount of such rights that would have been taxed as capital gains. Where not all subscription rights have been transferred, it shall be deemed that those transferred correspond to the securities acquired first.

Identification of the transmitted titles 

Regulations: art. 37.2 Law Income Tax .

In order to be able to individualize the securities sold when not all of those owned have been transferred, the Law establishes a special criterion, according to which when there are homogeneous securities and not all of them are sold, it is understood that those transferred by the taxpayer are those that were acquired first (FIFO criterion).