c) Income derived from certain securities loans
Regulations: Additional eighteenth provision of Law 62/2003, of December 30, on fiscal, administrative and social order measures ( BOE of 31)
The securities loan is that operation that meets the remaining requirements established in the eighteenth Additional Provision of Law 62/2003 and, by which one party (the lender), in exchange for monetary remuneration, temporarily transfers to another party (the borrower) securities. The borrower obtains the monetary amounts corresponding to the economic rights that for any other reason are derived from the securities lent during the term of the loan with the obligation to return at maturity the same number of values homogeneous to those lent. The dividends and participation in profits from the securities borrowed constitute for him returns obtained from the participation of any entity's own funds , as explained in the previous section.
As for the lender the remuneration for the loan, as well as the amount of compensation for the economic rights derived from the securities lent during the term of the loan, will be considered returns obtained from the transfer of own capital to third parties .
Note: Please note that the eighteenth Additional Provision of Law 62/2003 has been repealed in relation to Corporate Tax, with effect from January 1, 2015, by Law 27/2014, of November 27 (BOE of 28). , but remains valid for Personal Income Tax .
However, the amounts of compensation for the distribution of the share premium, for capital reductions with refund of contributions or for preferential subscription or free allocation rights generated during the duration of the loan, will be treated by the lender as applicable to the same ones discussed in Chapter 11 .