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Practical manual for Income Tax 2022.

2.2. Special rule: listed securities

In the case of securities admitted to trading on one of the official secondary securities markets 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 shares or units in collective investment institutions, since there is an official listing, it is estimated that the value as of 19 January 2006 coincides with its valuation for the purposes of the Wealth Tax for the 2005 financial year.

Please note that Directive 2004/39/EC has been repealed with effect from 3 January 2017 by Directive 2014/65/ EU of the European Parliament and of the Council of 15 May 2014, relating to financial instrument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

In short, in these cases, the determination of the capital gain generated before and after January 20, 2006 is carried out taking into consideration the following values:

  1. Purchase value of the securities, shares or participations (VA).

  2. Value corresponding to the aforementioned securities, shares or participations for the purposes of Wealth Tax for the year 2005 (VP).

    In the case of shares and interests in collective investment institutions , the valuation for the purposes of the Wealth Tax corresponding to the 2005 financial year is carried out based on their net asset value as of December 31, 2005.

    For the rest of the shares and participations admitted to trading , the valuation for the purposes of the 2005 Wealth Tax is carried out based on the average trading value of said securities in the fourth quarter of 2005. This assessment is included in Order EHA /492/2006, of February 17 ( BOE of February 27).

  3. Transfer value of securities, shares or participations (VT).

    Based on these values, the calculation of the generation of capital gains is carried out as indicated in the following diagram:

    SITUATION 1

    The Transfer Value is equal to or greater than the 2005 Equity Value

    (VT ≥ VP2005)

    SITUATION 2

    The Transfer Value is less than the 2005 Equity Value

    (VT < VP2005)

    The Acquisition Value is less than the 2005 Equity Value

    (VA < VP2005)

    Reducible portion of capital gain:

    (+) Equity Value 2005

    (–) Acquisition Value

    = Capital gain generated before 20-01-2006

    The entire capital gain is reducible:

    (+) Transmission Value

    (–) Acquisition Value

    = Capital gain generated before 20-01-2006



    Non-reducible portion of capital gain:

    (+) Transmission Value

    (–) Equity Value 2005

    = Capital gain generated from 20-01-2006

    The Acquisition Value is greater than or equal to the 2005 Equity Value

    (VA ≥ VP2005)

    No part of the capital gain is reducible:

    (+) Transmission Value

    (–) Acquisition Value

    = Capital gain generated from 20-01-2006