Option

Regulation: Article 8 and Transitional Provision First Act 11/2009

Entities that meet the requirements established in Act 11/2009 of 26 October, which regulates the Companies standardized investment platforms in the Property Market (hereinafter SOCIMIs), may choose to apply the special regime regulated by this Act, which will also be applicable to its members.

The option must be adopted by the general shareholders'meeting and must be communicated to the Delegation of the Tax Agency of the company's tax address, before the last three months prior to the end of the tax period.

The special tax regime shall be applied in the tax period that ends after this notification and in subsequent years that end before the waiver of the regime is communicated.

These companies may opt to apply the special regime, even if the requirements of Act 11/2009 are not met, provided that these requirements are met within two years following the date of the option to apply this regime.

Non-compliance with this condition will mean that the company will be taxed under the general Corporation Tax regime from the tax period in which such a breach occurs. In addition, the company will be obliged to pay, together with the tax payment, the difference between the tax liability resulting from this tax to apply the general regime and the payment made that resulted from applying the special tax regime in the previous tax periods, without prejudice to the late payment interest, surcharges and penalties that may be applicable.