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Practical Manual of Companies 2022.

Transferred assets giving right to deduction

The assets transferred , capable of generating income that constitute the basis of this deduction, are the following:

  1. Those that have belonged to tangible assets, intangible assets or real estate investments affected by economic activities that had been in operation for at least one year within the three years prior to the transfer.

  2. Securities representing participation in the capital or equity of all types of entities that grant a participation of not less than 5 percent of their capital and that have been held, at least, with one year in advance of the date of transmission , provided that these are not dissolution or liquidation operations of those entities. The calculation of the transferred participation will refer to the tax period.

For the purposes of calculating the time of possession, it will be understood that the values transmitted have been the oldest.

When the values transferred correspond to entities that have assets not affected by economic activities , according to the balance sheet of the last closed year, in a percentage greater than 15 percent of the asset, the deduction will not be applied on the part of the income obtained in the transfer that corresponds in proportion to the percentage that has been obtained. This percentage will be calculated on the consolidated balance sheet if the securities transferred represent a participation in the capital of a dominant entity of a group according to the criteria established in article 42 of the Commercial Code, regardless of residence and the obligation to prepare accounts. consolidated annual reports, which will include multi-group and associated entities under the terms of commercial legislation. However, the taxpayer may determine said percentage according to the market values of the elements that make up the balance sheet.

elements not affected by will be considered the participations, direct or indirect, in the entities referred to in section 4 of article 42 of the RDLeg. 4/2004 and the assets that constitute their assets, if they are part of the group referred to in the previous paragraph. The affected elements will be counted as those that meet the conditions established in numbers 1 and 2 of paragraph a) of article 4.Eight.Two of Law 19/1991, of June 6, on Wealth Tax.

The following values will not be understood to be included among the values mentioned in letter b) above :

  1. That do not grant a participation in the share capital or own funds.

  2. They are representative of the participation in the share capital or equity of entities not resident in Spanish territory whose income cannot benefit from the exemption established in article 21 of the RDLeg. 4/2004.

  3. Are representative of collective investment institutions of a financial nature .

  4. They are representative of entities whose main activity is the management of a movable or real estate asset in the terms provided for in article 4.Eight.Two of Law 19/1991, of June 6 , Wealth Tax.