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Practical manual for Income Tax 2021.

General scheme

Specific valuation standard

In the transfer or reimbursement for consideration of shares or interests representing the capital or assets of collective investment institutions regulated by Law 35/2003, of November 4 ( BOE of the 5th), the capital gain or loss will be computed by the difference between its acquisition value and the transfer value.

A. Transmission value

The transfer value will be determined by the applicable net asset value on the date on which said transfer or redemption occurs or, failing that, by the last published net asset value.

When there is no liquidation value, the value of the net assets corresponding to the shares or interests transferred will be taken from the balance sheet corresponding to the last fiscal year closed prior to the tax accrual date.

In cases other than the redemption of shares, the transfer value thus calculated may not be less than the highest of the following two:

  1. The price actually agreed upon in the transmission .

  2. The value of the quotation on official secondary 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 and in particular on multilateral securities trading facilities provided for in Chapter I of Title X of the revised text of the Securities Market Law, approved by Royal Legislative Decree 4/2015 of 23 October ( BOE of the 24th), on the date of the transmission.

    Please note that Directive 2004/39/EC has been repealed with effect from 3 January 2017 by Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on instrument markets.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

B. Acquisition value

In determining the acquisition value of the shares or participations, the same particularities mentioned for the cases of transfer of subscription rights and receipt of fully or partially released shares in the case of onerous transfers of securities admitted to trading on any of the regulated securities markets of the European Union must be taken into account, where applicable, and these are:

  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.

C. Identification of the values transmitted

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

In the case of fully paid-up shares, the seniority of the shares from which they originate will be considered.

Transfer of shares or participations acquired before December 31, 1994

In this case, if a capital gain is obtained, the part of the capital gain generated before January 20, 2006 (the only one to which the reduction or abatement coefficients are applicable) must be distinguished from that generated after said date, to which the reduction or abatement coefficients are not applicable.

The determination of the capital gain generated prior to January 20, 2006 and the application, where applicable, of the reduction coefficients will be carried out in accordance with the rules discussed in the previous section: Determining the amount of capital gains or losses: general rules of this same Chapter.

Special case: transfers of shares in listed investment funds

Without prejudice to the foregoing paragraphs, in the case of transfers of shares in listed investment funds or of listed shares in SICAV index, as referred to in Article 79 of the Regulations of Law 35/2003, of 4 November, on collective investment institutions, approved by Royal Decree 1082/2012, of 13 July, carried out on a stock exchange, the transfer value will be determined by the price on said markets on the date on which the transfer takes place or by the agreed price when it is higher than the price.