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Practical Handbook for Companies 2021

Option

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

Entities that meet the requirements established in Law 11/2009, of 26 October, which regulates Listed Real Estate Investment Companies (hereinafter, SOCIMIs), may opt to apply the special regime regulated in said Law, which shall also be applicable to their shareholders.

The option must be adopted by the general meeting of shareholders and must be communicated to the tax office of the State Tax Administration Agency of the tax domicile of the entity, before the last three months prior to the end of the tax period.

The special tax regime shall apply in the tax period ending after such notification and in subsequent tax periods ending before the renunciation of the regime is notified.

These entities may opt to apply the special regime, even if the requirements of Law 11/2009 are not met, provided that these requirements are met within two years from the date of opting to apply the special regime.

Failure to comply with will result in the company being taxed under the general corporate income tax system as from the tax period in which the failure occurs.In addition, the company will be obliged to pay, together with the tax liability for that tax period, the difference between the tax liability resulting from applying the general system and the tax liability resulting from applying the special tax system in previous tax periods, without prejudice to any interest for late payment, surcharges and penalties that may be applicable.

A tener en cuenta:

This special tax regime is incompatible with all the special tax regimes provided for in Title VII of the LIS, with the exception of those regulated in Chapter VII (Special regime for mergers, divisions, contributions of assets, exchange of securities and change of registered office of a European Company or a European Cooperative Society from one Member State to another of the European Union), Chapter X (International tax transparency) and Chapter XII (Tax regime for certain financial leasing contracts) of that Title.