Specific valuation standard
In the transfer or reimbursement for consideration of shares or participations representing the capital or assets of the collective investment institutions regulated in Law 35/2003, of November 4 ( BOE of 5 November), 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 net asset value applicable on the date on which said transfer or redemption occurs or, failing that, by the last published net asset value.
When there is no net asset value, the value of the net assets corresponding to the shares or participations transferred resulting from the balance sheet corresponding to the last fiscal year closed prior to the date of accrual of the tax will be taken.
In cases other than the redemption of shares, the transfer value thus calculated may not be less than the greater of the following two:
The price actually agreed upon in the transmission .
The listed value on official secondary markets for securities defined in Directive 2014/65/ EU of the European Parliament and of the Council of May 15 of 2014, relating to financial instrument markets and, in particular, multilateral securities trading systems provided for in Chapter I of Title X of the consolidated text of the Securities Market Law, approved by Royal Legislative Decree 4/2015 , of October 23 ( BOE of October 24), on the date of transmission.
Please note that article 37.1.c) of the Personal Income Tax Law refers to Directive 2004/39/EC of the European Parliament and of the Council, of April 21, 2004, on financial instrument markets, which has been repealed. with effect from January 3, 2017 by Directive 2014/65/EU of the European Parliament and of the Council, of May 15, 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.
B. Acquisition value
When determining the acquisition value of the shares or participations, the same particularities discussed for the cases of transfer of subscription rights and receipt of fully or partially released shares must be taken into account, where applicable, in the case of onerous transfers of shares. securities admitted to trading on any of the regulated securities markets of the European Union and which are:
Acquisition value of the partially released shares.
In the case of partially released shares, their acquisition value will be the amount actually paid by the taxpayer.
Acquisition value of the fully paid shares.
In the case of fully paid-up shares, the acquisition value, both of these and the corresponding ones, will be the result of dividing the total cost among the number of titles, both the old ones and the corresponding released ones. The seniority of these shares will be considered to be that which corresponds to the shares from which they come.
Acquisition value in case of transfers of subscription rights carried out before January 1, 2017
Regulations: Transitional provision twenty-ninth Law Personal Income Tax .
To determine the acquisition value of the securities, the amount obtained from the transfers of subscription rights carried out prior to January 1, 2017 will be deducted, with the exception of the amount of such rights that would have been taxed as capital gain. When all subscription rights have not been transferred, it will be understood that those transferred corresponded to the securities acquired in the first place.
C. Identification of the values transmitted
In order to individualize the transferred values, especially when not all of those possessed have been transferred, the Law establishes a special criterion, according to which when there are homogeneous values and not all of them are sold, it is understood that those transmitted by the taxpayer are those who acquired first (FIFO criterion).
In the case of fully paid-up shares, their seniority will be considered to be that which corresponds to the shares from which they come.
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 that was generated prior to January 20, 2006 (the only one to which the reduction or reduction coefficients are applicable) must be distinguished from that generated later. to that date on 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 reducing coefficients will be carried out in accordance with the rules discussed in the previous section: Determination of 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 what was mentioned in the previous paragraphs, in the case of transfers of shares in listed investment funds or shares of SICAV listed indexes, to which article 79 of the Regulation of Law 35/2003, of November 4, on collective investment institutions, approved by Royal Decree 1082/2012, of July 13, carried out on the stock exchange, the transmission value will be determined by the price on said markets on the date on which the transfer occurs or for the agreed price when it is higher than the quote.